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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Yup. Risk means different things in different contexts.
Financial risk is typically a measure of uncertainty in financial outcomes.
Risk of getting a disease is a measure, usually a probability, of getting said disease.
Engineering risk could be a measure of getting certain outcomes coupled with the negative impact of those outcomes.
These are somewhat similar but quite different conceptions of risk.
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