Risk as the chance of injury, damage, or
Therefore, to put oneself "at risk" means to
participate either voluntarily or involuntarily in an activity
or activities that could lead to injury, damage, or loss.
Risk can be expressed in many ways, so
long as it combines a hazard with a likelihood.
The concept of risk exists in aviation, finance,
human health, and many other areas.
One can use the methods of science, engineering,
and math in order to define risks.
Voluntary risks are those associated with
activities that we decide to undertake
Examples of voluntary risks: Driving a
car, riding a motorcycle, smoking cigarettes, etc.
Involuntary risks are those associated
with activities that happen to us without our prior consent or
Examples of involuntary risks: Acts of
nature such as being struck by lightning, fires, floods,
tornados, and exposure to environmental contaminants.
Risk assessment is the process of analyzing
potential losses from a given hazard using a combination of
known information about the situation, knowledge about the
underlying process, and judgment about the information that is
not well known. Risk assessment can be described in three steps:
Formulate the problem
Perform risk analysis
Define the options
Risk management is the process of combining a
risk assessment with decisions on how to address that risk.
Risk management is part of a larger decision
process that considers the technical and social aspects of the
risk situation. Risk management can be described in three steps:
Determine the best solutions and