May 20th, 2015
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A. T. Still University
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To know about the theoretical aspects relating to risk management Concept of Risk, Definition of Risk, Uncertainty, Types of Uncertainty, Types of risk, Classes of Risk, Categories of Risk, Insurance and Risk

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Risk ManagementDay 1ObjectiveToknowaboutthetheoreticalaspectsrelatingtoriskmanagementSyllabus Day 1Risk Types and Classes:Concept of Risk,Definition of Risk,Uncertainty, Types of Uncertainty,Types of risk,Classes of Risk,Categories of Risk,Insurance and RiskWhat is RiskRisk exists if there is something you dont want tohappen having a chance to happen!!!What is Risk Take 2The probability that some event will causean undesirable outcome on the financial healthof your business and/or other business/family goalsConcept of Risk Greek rizikon - Root Arabic "rizk", - 'to seek prosperity' In one definition, "risks" are simply the futureissues which can be avoided or mitigated, ratherthan present problems that must be immediatelyaddressed OHSAS defines risk as the product of theprobability of a hazard resulting in an adverseevent, times the severity of the eventRiskAn expression of possible loss interms of severity and probabilityHazardA condition with the potential to causepersonal injury or death, property damage,or mission degradation.SeverityThe worst credible consequence whichcan occur as a result of a hazard.ProbabilityThe likelihood that a hazard will result ina mishap or lossHazardRiskBad WeatherHigh ProbabilityFlight Ops CnxFlock of BirdsModerate Chanceof Engine FODWalking on topof Slippery ACSome Chance ofFall Produc

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