Risk: Difference between revisions
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{{Learning concept | {{Learning concept | ||
|Description=Risk is a situation in which the decision maker is able to estimate the likelihood of certain outcomes. | |Description=Risk is a situation in which the decision maker is able to estimate the likelihood of certain outcomes. | ||
When some decisions are made, some chance exists that the decision will not produce the intended result. This chance, or uncertainty, represents an element of risk in the decision-making problem. | |||
|Wikipedia reference=http://en.wikipedia.org/wiki/Risk | |Wikipedia reference=http://en.wikipedia.org/wiki/Risk | ||
}} | }} | ||
Latest revision as of 21:15, 2 January 2014
Description
Risk is a situation in which the decision maker is able to estimate the likelihood of certain outcomes.
When some decisions are made, some chance exists that the decision will not produce the intended result. This chance, or uncertainty, represents an element of risk in the decision-making problem.
Concept Prerequisite
Wikipedia Reference
http://en.wikipedia.org/wiki/Risk
Learning Material
Covered in Topic(s)
| Managers as Decision Makers |