What Is Risk? What Is Risk Management?
What Is Risk?
What is risk? It is such a simple and basic question. When we run risk workshops, we generally get started with this question and then are almost always surprised by the wide variety of answers provided. Some seminar participants give very sophisticated answers, while others give much more basic answers. It seems as if everyone has their own separate and distinct definition—even those that are from the same organization.
In the management literature, there are several different definitions of risk as well. They range from the highly technical or mathematical to the very basic. A common mathematical definition is that risk is the variance of results. A less technical definition ...
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