Risk

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Risk is the likelihood or chance of a certain event occurring. In medical studies, risk is the likelihood of an adverse outcome.

Numerous mathematical models attempt to predict risk, and the insurance industry sells products to guard against individual financial risk.

Michael Crichton wrote: "A mass media society offers its citizens many advantages but accurate understanding of risk is not among them. The media must sell themselves, and they do so by overstatement."

Risk management

See also: Risk management

Risk management is "the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss." It is an organized method of identifying and measuring risk and developing, selecting, and managing options for handling these risks.

Importance of taking risk in life

• Benefit from taking risks
• Tired of playing it safe? Learn how to take risks that pay off
• Why Risk-Taking Is Required To Achieve Your Goals, Brian Tracy International
• Is Appetite For Risk Taking An Indicator Of Your Future Success?
• If You Want to Increase Your Success Rate, 2x Your Failure Rate
• The Benefits of Taking Risks, MorningCoach
• Importance of Taking Risks, South Dakota State University

Quote

"If you want to increase your success rate, double your failure rate." - Thomas J. Watson, the former CEO of IBM, who helped grow the company in its glory days.