Understanding risk and its importance in business activities
Motivation: Nearly all of us have used the word risk in our conversations or have heard it in our daily life experience. To mention a few such situations: (i) you risk losing your driving license if you are caught drink driving; (ii) you risk your enrolment being cancelled if you are caught cheating; (iii) you risk losing your job if you don't improve your performance; (iv) your business is at risk if the current financial and economic situation does not improve; (v) you risk not reaching your job interview in Sydney on time on Monday if you leave from Perth by car on Friday. In all the above mentioned situations, risk is associated with an outcome that highlights losing a certain thing; for example losing a license, losing an enrolment, losing a job, losing a business, not reaching an interview on time. In all these examples, the thing which may be lost is considered an important one, hence the word 'losing' is associated with them. © 2013 Springer-Verlag Berlin Heidelberg.
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