Risk is the possibility of something bad happening, [1] comprising a level of uncertainty about the effects and implications of an activity, particularly negative and undesirable consequences. [2][3]
Definitions of risk range from narrow definitions - risks to people or machinery resulting from hazards - to wide definitions that see risk as any uncertainty of outcome. The diagram at the top of this article shows how risk can be defined in narrow, medium, and broad ways.
Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2] Risks can come from various sources (i.e, threats) including uncertainty in international markets, political instability, dangers of project failures (at any phase in design, development, production ...