Risk is defined as the chance (probability) of actually observing outcomes that are greater than expected, or favorable.Such outcomes are more desirable than observing less-than-expected events, so the possibility that positive outcomes will occur must be emphasized when evaluating risk.

Question

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Risk is typically associated with the probability of negative or unfavorable outcomes, not positive ones. It involves the potential for loss or adverse effects, rather than emphasizing positive outcomes.

Risk Is Defined as the Chance (Probability) of Actually Observing