Discussion forum: What is risk?

Number of replies: 9

Here you are welcome to place your examples, express ideas, and discuss about the topic.

Please discuss the concept of RISK.  How would you define it? Is it always negative? Why people take risks voluntary?  

We asked KTU students: What is risk? Take a look at their answers:

 


In reply to First post

Re: Discussion forum: What is risk?

by Mindaugas Budžys -

I believe that even buying a lottery ticket proposes a risk. Mainly because you never know will you win or will you lose.

The fact is that there is a probability to lose money for buying ticket, but on the other hand there is a chance that you can win BIG.

So the uncertainty doesn't mean it will only lead to a negative outcome but also to a positive one.

In reply to Mindaugas Budžys

Re: Discussion forum: What is risk?

by Rachel Ferlatte Kuisma -

It is interesting how we can view this very differently. I can't imagine taking a risk when buying a lottery ticket, because doing so has always been more about entertainment than need. Losing was expected; winning would have been a complete surprise. My life is not affected at all by losing. I suppose it might be different if I were gambling beyond my means.

On the other hand, there may be a risk in winning, if you consider being filthy rich as potentially a negative thing--which I sometimes think it would be. However, still the probability of winning is so miniscule, it hardly seems risky.

In reply to Mindaugas Budžys

Re: Discussion forum: What is risk?

by Julius Ndanga Njele -

Risk to me is the probability that something bad or good would happen.

Some risk are worth taking because it will would bring something good.

Playing lotto is a risk,because you may lose money as a result of betting.

I will like to ask a question.

Are some risk controllable and others not?



In reply to First post

Re: Discussion forum: What is risk?

by Rachel Ferlatte Kuisma -

I see risk as involving a choice of an action that exposes a person/thing to a hazard. It has a known potential negative effect, but sometimes could involve a perceived potential positive effect (or sometimes a less negative effect than if no action is taken). I think the perceived potential non- or less negative effect is the reason we take risks.

In reply to First post

Re: Discussion forum: What is risk?

by Cindy Marven -

I think taking a risk always implies the potential for something negative to occur.  If there is a positive outcome possibility, I tend not to use the word 'risk'; For a lottery, I would use the phrase 'taking a chance' - it's more neutral and includes both positive and negative outcomes.  For example, one would take a chance on winning the lottery (the negative possibility  is the risk of losing money that is outweighed by the benefit - the hope that one might win, and the possibility of actually winning).  Maybe the usage is different in other languages and cultures or to other people.

Some risks are voluntary (e.g., rock climbing) and some are involuntary (travel by airplane), although one could argue that all risks are to some degree, voluntary (e.g., I could move away from my city - but I choose to live in my city which is near a major subduction zone even though there is a risk of a large earthquake damaging my property or harming me.  

Maybe people expose themselves to risk because they enjoy benefits from the activity and have decided that the risk imposed is tolerable.  I used to rock climb because I loved the outdoors, the friendships, and the views from the top of the climb.  My friend chose not to climb because those benefits did not make up for the risk of falling.

In reply to First post

Re: Discussion forum: What is risk?

by Ugne Ruksenaite -

Risk is a potential that might gain or lose the value of sth. Sometimes it's just doing foreseen and unforeseen things 

In reply to First post

Re: Discussion forum: What is risk?

by NQOBIZITHA NYAKUNU -
Risk in my thoughts is an unforeseen danger, threat or anomaly that has the potential to destroy or derail progress or a system. However, recently, I have come to realise that risk can have a negative or a positive effect on where it presents itself.

Negatively, it has the potential to disrupt the plans that (in case of projects) where losses can happen and the objectives cannot be achieved in the long run. Risks can change schedules and the dedicated strategies can be derailed.

Positively, risk can be a learning platform that teaches teams the new approaches and development measures to achieve what can be done to conclude a planned activity. Risks can be the introduction of new systems and actions for better approaches and improved systems.