“Calculating risks does not mean taking a gamble. It is more than figuring the odds. It is not reducible to a formula. It is the analysis of all factors which collectively indicate whether or not the consequences to ourselves will be more than compensated for by the damage to the enemy or interference with his plans. Correct calculation of risks, by orderly reasoning, is the responsibility of every naval officer who participates in combat, and many who do not.”

First Report, p. 34
U.S. Navy at War, 1941-1945: Official Reports to the Secretary of the Navy (1946)

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Ernest King49

United States Navy admiral, Chief of Naval Operations 1878–1956

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