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Risk Management. What is Risk ?
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| Submitted: Mon Jun 19 2006
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Risk Management. What is Risk ? WHAT IS RISK ? Table Of Contents Introduction Risk & probability Identifying Risk Procedure Of Modelling Risk Methods Subjective Assessment Of Risk Conclusion References INTRODUCTION 'Risk : (i) the possibility of meeting danger or suffering the harm or loss ' (Oxford reference dictionary). This is the general definition of risk. The faulty perception of meeting danger or suffering harm or loss would lead to misjudged actions to be taken . When these actions are taken for large scale projects ,for instance concerning the future of a big company or public protection , it could have devastating effects . For a number of dangers there are a lot of statistical data ,such as car accidents ,but for other it is difficult to have an actual number . For example it is impossible to have an exact figure of the number of people died...
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