2. Risk concept and definitions
"Danger or peril in which the idea of chance is involved, but with the prospect of some possible advantage. It is in view of these advantages that man assumes risks, but, usually, while insuring himself as much as possible against them."
This is an original definition of risk, in that it sets out in very few words not only the fundamental characteristics of risk, but also some of the key issues and motivations for risk management. What's more, this definition stands out insofar as it justifies risk-taking by the prospect of potential benefits,...
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Risk concept and definitions
Risk mechanism in business
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