The Oxford English Dictionary depicts risk as a chance or possibility of danger, loss, injury or...

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The Oxford English Dictionary depicts risk as a chance orpossibility of danger, loss, injury or other adverse consequences.Risk is used primarily to signify negative consequences. However,in some cases taking a risk can generate a positive outcome. Whatis meant by the terms â€˜risk assessmentâ€™ and â€˜risk managementâ€™? Whyare they considered two very important concepts? Explainthe differences between risk assessment and damageassessment.

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RISKASSESSMENT Risk assessment is a term used to describe the overall processor method where youIdentify hazards and risk factors that have the potential tocause harm hazard identificationAnalyze and evaluate the risk associated with that hazard riskanalysis and risk evaluationDetermine appropriate ways to eliminate the hazard or controlthe risk when the hazard cannot be eliminated risk controlImportance ofRisk See Answer

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