I can’t seem to get most explanations from the internet and people seem to use the term in numerous ways.
Update: Ok I think I get it. People conflate the hazard and risk concept together. So when people discuss risks they are actually discussing probable hazards.
The reason this confused me is because entrepreneurs will ask about what risks there are in a project. When they just use it as a shorthand meaning what could go wrong that’s out of their control.
What also makes it confusing is that risk analysis calls the hazard column a risk column, then proceeds to add columns of impact and likelihood. When the risk should be the column that is a multiplication oh the impact and likelihood wrt the hazard.
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Risk in the broadest sense, is the probability of a negative outcome. This can be quantified explicitly (like interest rates on a loan as a proxy for financial risk) or fuzzy (high risk of getting punched in the face when talking smack to a bouncer).
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