Risky business

Davies, Paul
February 2009
TCE: The Chemical Engineer;Feb2009, Issue 812, p28
Academic Journal
The author ponders on the definition of risk. He explains why he considers risk the product of consequence and likelihood. He believes that risk cannot be separated from perceptions. He claims the common use of risk is linked to chance and negative outcomes. He considers the societal aspect of risk.


Related Articles

  • Evaluating Risk. Gross, Peter; Schuerger, Robert // EC&M Electrical Construction & Maintenance;Sep2006, Vol. 105 Issue 9, p44 

    The article provides information about probabilistic risk assessment (PRA). PRA is one of the methods of evaluating risks associated to technical complex systems. Risk in PRA is defined as a detrimental outcome that is feasible. The first step of PRA is to determine what the risks are for a...

  • Evaluating & Minimizing Potential Risks. Wolosky, Howard W. // Practical Accountant;Nov2005, Vol. 38 Issue 11, p32 

    Discusses the importance of assessing risks in business and the understanding of various risk managers on risk management. Definition of risk management as preventing, detecting and managing the possibility of something going wrong in an area of a business in which the likelihood and/or impact...

  • When Is Uncertainty About Uncertainty Worth Characterizing? Cox Jr., Louis Anthony; Brown, Gerald G.; Pollock, Stephen M. // Interfaces;Nov/Dec2008, Vol. 38 Issue 6, p465 

    In areas of risk assessment ranging from terrorism to health, safety, and the environment, authoritative guidance urges risk analysts to quantify and display their uncertainties about inputs that significantly affect the results of an analysis, including their uncertainties about subjective...

  • Safety in numbers. Hodge, Neil // Financial Management;Nov2004, p13 

    Discusses the importance of a sensible approach to risk management in organizations in Great Britain. Encouragement of line managers to control most risks themselves; Confusion about what constitutes critical and non-critical risks; Influence of the life experiences of persons on their...

  • FOUNDATIONS OF RISK MEASUREMENT: RISK AS PROBABLE LOSS. Fishburn, Peter C. // Management Science;Apr1984, Vol. 30 Issue 4, p396 

    This paper seeks to get behind specific contextual referents of risky situations to consider characteristics of risk that apply to many situations. It is guided by previous theoretical and empirical research in perceived risk, and focuses on the joint effects on risk of loss probability and the...

  • Gas Turbine Risk Assessment Based on Different Repair Assumptions. Abd Majid, Mohd Amin; Wassan, Rano Khan; Mokhtar, Ainul Akmar // Journal of Applied Sciences;2014, Vol. 14 Issue 17, p1966 

    Currently throughout the world, gas turbine (power generation system) is used for fulfilling energy needs. Beside its abundant usage, it has high risk due to its unexpected failure nature. Thus, to mitigate the risk of gas turbine unexpected failure, risk assessment is important to be carried...

  • A Grand Unified Theory for Risk. Hillson, David // PM World Journal;Jul2015, Vol. 4 Issue 7, p1 

    The article discusses enterprise risk management (ERM) which may be considered as the Grand Unified Theory for risk. ERM is aimed to integrate various elements of risk management into a cohesive one by providing a single unifying framework within which each risk discipline can operate. Risk may...

  • Avoid the Pitfalls of Unmanaged Risk. Fuessler, William H. // American Banker;4/30/2010, Vol. 175 Issue F316, p7 

    The article discusses the unavoidable nature of risk and the need to better manage it. In the author's view firms that rely too much on spreadsheets miss out on the valuable insights made possible through data integration and analytics. Only by equipping themselves with the best available...

  • THEORETICAL APPROACH OF MANAGERIAL RISK. DIMA, Ioan Constantin; MĂCRIŞ, Maria // Internal Auditing & Risk Management;sep2012, Vol. 7 Issue 3, p11 

    The place and role of risk in managerial activity must be analysed by taking into account the relation where the two concepts about risk are, namely: The concept suggested by the decision theory and concept suggested by managers. It is necessary to take into account managers' behaviour towards...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics