Risk Assessment 101: The Basics You Need to Know
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Risk assessment is the process of identifying, analyzing, and evaluating potential risks and hazards associated with any given project, task, or decision. It involves taking an informed and structured approach towards identifying the probability of occurrence and impact of a potential risk, in order to develop effective strategies for managing and mitigating them.
Risk assessment is an essential part of risk management, and it plays a crucial role in decision making and planning in a wide variety of industries including healthcare, engineering, finance, construction, and environmental management. In this article, we’ll cover the basics of risk assessment that you …