Thank you Tony for this awesome newsletter that describes your suggested approach.

In Issue 1 you mentioned the three-source framework based on External data , Internal data, and Subject matter expert (SME) inputs, which is a very nice way to categorise the information to collect. I was wondering how these categories map onto the 5-step methodology.

I would say that:

- External data supports step 1 (risk scenario definition) and step 2 to provide the initial estimates

- Internal data supports step 3

- SME data is more about step 4 (Bayesian)

Is this correct?

Thanks