MANAGEMENT

Detailed explanation-1: -Risk can be defined as the chance of loss or an unfavorable outcome associated with an action. Uncertainty does not know what will happen in the future, the greater the uncertainty, the greater the risk.

Detailed explanation-2: -Chance of loss is closely related to the concept of risk. Chance of loss is defined as the probability that an event will occur. Like risk, probability has both objective and subjective aspects.

Detailed explanation-3: -Risk is the chance of loss, and peril is the direct cause of the loss. If a house burns down, then fire is the peril. A hazard is anything that either causes or increases the likelihood of a loss.

Detailed explanation-4: -Types of Risks Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk.