Risk analysis and mitigation tactics
Watch the video and then summarise what you have learned.
Risk is inherited and omnipresent, and you can’t get away from it. The literature has provided many examples where risk is based towards the negative. Risk is the chance of injury, damage, loss, or hazard, as explained by night.
It is important to make a distinction between risk and uncertainty. Uncertainty is where it is not possible to calculate chances. Therefore, probabilities cannot be assigned to an event, whereas risk should be regarded as a known chance.
Ultimately, the future is uncertain in the sense that it cannot be quantified. The purpose of risk management is to improve our understanding of the future, not just to explain the past.
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