risk

In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. The international standard definition of risk for common understanding in different applications is “effect of uncertainty on objectives”.The understanding of risk, the common methods of analysis and assessment, the measurements of risk and even the definition of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security etc).

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