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

See also: Goal setting and Mental toughness and Achievement orientation

Part of reaching goals, making progress and mental toughness is stretching yourself to reach your goals which involves taking calculated risks.

• 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.

As can be seen in the above graphic, part of mental toughness is stretching yourself to meet your goals by taking calculated risks.

MTQ PLUS, the Mental Toughness Questionnaire, measures an persons's resilience and their ability to deal with pressure and change.