Which of the following defines risk management in practical terms?
A)The process by which we identify risks and control them so that we are able to achieve individual goals
B)The process by which we identify risks and eliminate them so that we are able to achieve individual goals
C)The process by which we identify risks and eliminate them so that we are able to achieve societal goals
D)All of the above
E)None of the above

Question

Quizplus · Accepted Answer

Risk management involves identifying risks that may prevent us from achieving our goals and controlling them so that we can still achieve those goals. Eliminating risks entirely may not always be possible or practical, but controlling them can minimize their negative impact. While societal goals may also be a consideration in risk management, the primary focus is on individual goals. Therefore, option A is the most accurate definition of risk management in practical terms.

Which of the Following Defines Risk Management in Practical Terms