LAWS 4801 Lecture Notes - Lecture 2: Precautionary Principle, Cultural Lag
27 Sep 2016
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Class 2 - september 19 2016 the nature of risk and. Decision by a company to file for bankruptcy. News organization deciding what to print or broadcast. Military commander selects a particular target in a combat situation. Definition of risk: the chance of something bad happening, the possibility of a loss. If the chance of something adverse happening were zero, then there would be no risk - so any situation in which there is determined to be an uncertainty triggers the need for a risk management strategy. The decision-maker can take actions that increase or decrease. Risk: chance of something bad happening, measure of threats to people and what they value, likelihood + impact. Risk can never be reduced to nil; there is always a risk attached to even the most seemingly innocuous activity because of either unexpected events or change in perspective (short)
