Risk can be thought of as the possibility of a negative event that could cause injury to a person(s), loss or damage to objects that has resulted from a hazard existing.
Read moreIt is important here to remember that Risk can affect many different entities such as people, objects, and possessions, but can also include areas such as financial.
When we say, “the possibility of a negative event”, ‘Possibility’ becomes the key word.
How many times did you look at something and consider “what’s the chance of that happening?”
Possibility can be the considered to be the opposite of impossible – this simply means can something happen. Possibility does not consider if the possible is likely or unlikely.
Chance refers to the possibility of something occurring and does not consider the likely hood of this occurring; the term we need is “probability” – this is a determination of how possible an event is.
Now we already can see that we have possibility and probability to consider – these are important terms when considering risk.
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