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definition-Risk

Definition:

A Risk is any factor that could Result in a future negative consequence.

Alternative Names

Concept Number: *309
English Master: Risk
Synonyms, Variations & Acronyms: Threat *309

Detailing

A Risk Parameter can be used to specify known risks.


Illustrations

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Type

Noun, Parameter [Risk Analysis].


Examples

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Notes

1. Negative results are results that are worse than required, planned, or expected

Examples of Risk factors include:
• lack of information about a Design-Idea
• inappropriate information about a Design-Idea

Source: See Bernstein”s book on the history of Risk. One prominent economist (Knight) wanted to distinguish Risk from uncertainty, in the sense that Risk was measurable [BERNSTEIN96, page 219]. Knight was also skeptical as to whether Past data was sufficiently like a specific unique instance, and sufficiently detailed, to tell us what the probability of a future event would be.

Risk:
>
> Every time I read this below - I am a bit puzzled as to what the exact point
> being made is in the first part - your opinion doesn”t come across!
>
> "Source: See Bernstein”s book on the history of Risk. One prominent
> economist (Knight) wanted to distinguish Risk from uncertainty, in the sense
> that ****risk was measurable***** [BERNSTEIN96, page 219]. Knight was also
> skeptical as to whether Past data was sufficiently like a specific unique
> instance, and sufficiently detailed, to tell us what the probability of a
> future event would be."
>
> Second point also - Impacts on IE surely?
>
> (Make a Note that Risk needs improvement - maybe something that could be
> done After handover - inserting new glossary Concepts for two or three major
> Concepts might be essential for glossary Credibility? List of Risk factors
> is really weak.) EDITING Note 26 FEB 2003 FROM LB


Keyed-Icons

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Drawn-Icons

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Uncertainty *310: Uncertainty does not imply a negative Result as clearly as “risk” does. Uncertainty Means the Result could be positive, negative or neutral.
Safety-Factor *131


History-of-Concept

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This Concept entered by Adore.
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Created by system. Last Modification: Thursday 11 of July, 2019 20:19:57 CEST by Admin (Kai).
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