Risks

Question 1

Name five definitions of risks.

Answer 1

Qualitative notions of risk:
• An unwanted event that may or may not occur
• The cause of an unwanted event that may or may not occur
Quantitative notions of risk:
• The probability of an unwanted even that may or may not occur
• The severity of an unwanted event that may or may not occur
• The statistical expected value of an unwanted even that may or may not occur

Question 2

What is Risk analysis according to the standard picture?

Answer 2

Step 1: Risk assessment 
• Experiments 
• Epidemiology 
• etc. Various standard scientific techniques 
Step 2: Risk management 
• Policy making 
• Regulations 
• Risk communication
• etc.

Question 3

What is risk assessment?

Answer 3

An attempt to list the risk of an endeavour.

Question 4

What is risk management?

Answer 4

An attempt to limit the risks of the endeavour.