» Risk Management: Tricks of the Trade for Project managers
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Risk and Risk Management
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Topic: Risk Management
Sort Desciption: that risk management will not help the individual. intent on jumping without a chute. .... Source: Mehr and Hedges Risk Management in the Business ...
Content Inside: What Is Risk? Every business and every person faces risks each day but what is risk? People have different attitudes about risk. Some will wager a weeks pay at a casino while others will hide their money under a mattress. A persons aversion to risk is a key factor in the extent to which they will try to manage their risks. In general terms people often think of risk as the chance of some- thing bad happening. Bad and chance are two key elements of risk. In financial terms risk is the possibility of financial loss. Bad is the first element and it refers to an event or outcome that is adverse such as a crop fail- ure. Bad is also relative losing more money is worse than losing less money. Chance is the second element. Risk involves uncertainty that an adverse event will occur. If some- thing bad is absolutely positively guaranteed to happen there is no risk because uncertainty isnt present. For example there is no risk associated with jumping out of an airplane without a parachute. You will perish guaranteed. Its stupid but not risky. Jump out of the plane with a parachute and youll proba- bly live but theres a chance you wont. Thus most people consider sky-diving risky and jump- ing out of the plane without the parachute suicide. This example is extreme but it is important to note that risk management will not help the individual intent on jumping without a chute. In business terms a business must be economically viable and the individual must be willing to use risk management for risk management to be effective. What Is Risk Management? Risk management in a business context is about reducing the cost of risk which includes the cost of managing risk. Business including farming is about making profits or gains. Farmers need money to make a living for themselves and their families. To make a living farmers must take risks investing $200000 or more worth of seed fertilizer and herbicides and hoping for rain but not too much rain. Farming is risky ...
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