MANAGEMENT

Detailed explanation-1: -Risk means “uncertainty about and severity of the consequences (or outcomes) of an activity with respect to something that humans value” (10) .

Detailed explanation-2: -Risk is a consequence of uncertainty; risk can be emotional, financial, or reputational. The roles of Maximization of Value and Minimization of Losses form a continuum on which risk is anchored. One consequence of uncertainty is that actual outcomes may vary from what is expected and as such represents risk.

Detailed explanation-3: -Severity describes the highest level of damage possible when an accident occurs from a particular hazard. Damage can be: Catastrophic, Critical, Moderate, or Negligible.

Detailed explanation-4: -: possibility of loss or injury : peril. : someone or something that creates or suggests a hazard. 3. : the chance of loss or the perils to the subject matter of an insurance contract. also : the degree of probability of such loss.

Detailed explanation-5: -Risk refers to uncertainty about and severity of the events and consequences (or. outcomes) of an activity with respect to something that humans value. ( I)