What is risk and risk assesment

Question

Accepted Answer

Risk is the potential for harm or loss, while risk assessment is the process of evaluating and analyzing risks to determine their likelihood and impact.

Risk refers to the possibility of an event or action leading to negative consequences.
Risk assessment involves identifying hazards, evaluating their potential impact, and determining appropriate control measures.
It helps in prioritizing risks, implementing preventive measures, and making informed decisions.
Example: Conducting a risk assessment for a construction site to identify potential hazards like falls, electrical hazards, or hazardous materials.
Example: Assessing the risk of a new product launch by considering factors like market demand, competition, and financial implications.

Accepted Answer

Risk is the combination of likelyhood and severity

What is risk and risk assesment

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