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What is Risk?

What is Risk ?

The combination of the probability of an event and its negative consequences. The word "risk" has two distinctive connotations: in popular usage the emphasis is usually placed on the concept of chance or possibility, such as in "the risk of an accident"; whereas in technical settings the emphasis is usually placed on the consequences, in terms of " potential losses" for some particular cause, place and period. It can be noted that people do not necessarily share the same perceptions of the significance and underlying causes of different risks.

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