EVERYDAY SCIENCE

Detailed explanation-1: -Risk is the potential for an unwanted outcome resulting from an incident, event, or occurrence.

Detailed explanation-2: -Risk Probability is the determination of the likelihood of a risk occurring. This likelihood can be based on historical project information, does the risk typically occur? Or the likelihood of risks can come from interviews or meetings with individuals who would have knowledge of the probability of risks occurring.

Detailed explanation-3: -“Risk” refers to the probability of occurrence of an event or outcome. Statistically, risk = chance of the outcome of interest/all possible outcomes. The term “odds” is often used instead of risk. “Odds” refers to the probability of occurrence of an event/probability of the event not occurring.

Detailed explanation-4: -Glossary. Risk Outcome. A result if a risk occurs. Risk outcomes can be schedule-related and non-schedule. Multiple risk outcomes can be combined in risk category.

Detailed explanation-5: -strategic risk-eg a competitor coming on to the market. compliance and regulatory risk-eg introduction of new rules or legislation. financial risk-eg interest rate rise on your business loan or a non-paying customer. operational risk-eg the breakdown or theft of key equipment.