Evaluating a risky decision involves several steps:
1. Identify Potential Risks: List all possible outcomes and their impacts. 2. Conduct a Risk Assessment: Use tools like SWOT analysis to assess the strengths, weaknesses, opportunities, and threats. 3. Quantify the Risks: Estimate the probability and impact of each risk. 4. Develop a Risk Management Plan: Outline strategies to mitigate or manage risks.