Risk

Risk

Introduction

Risk has been refers to the uncertainty that might occur anytime. The probability of any events if arises would either have positive or negative effect on the project. When a person plans any project, there are possibilities of unforeseen risk. Project risk management is concern with the confidence of significant during the worse situation and the cost associated to it.

Risk management embraces the activities dealing with risks after they are identified and evaluated. Risk management, as well as risk assessment and risk communication, are part of the comprehensive term of risk governance, which is a systematic approach toward coping with risks under participation of all relevant actors (government, companies, the scientific community, nongovernmental organizations, and the general public).

Discussion

An acclaimed quote of Ralph Waldo Emerson about 'risk' says, ''I dip my pen in the blackest ink, because I am not afraid of falling into my inkpot.'' Without being any more rhetoric here's what Oxford English dictionary states about risk- “Risk is (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility.”

Q.1: Identify some risky decision you have made. Why did you take risk? How did they work out? Looking back, what did you learn?

I made a risky decision deciding to volunteer at an NGO for my internship requirement. I took the risk because it was crucial for my academic requirement and also because I wanted to have a working experience. The risk was that the organization wasn't very professional, though it was quite an old competitor in the industry. If you talk from my academic and other perspectives, it wasn't much of use; in fact many would call it a bad decision too. The organization didn't had sufficient staff, and one person had to look after many domains and face ...