Risk Assessment in Decision Making

Risk assessment in decision-making involves identifying potential hazards and evaluating the likelihood and impact of negative outcomes. It helps individuals and organizations make informed choices by weighing the risks against the benefits of different options. This process often includes gathering relevant information, analyzing potential scenarios, and considering how to mitigate any identified risks. By systematically assessing risks, decision-makers can choose paths that minimize potential harm while maximizing opportunities for success, ultimately leading to better outcomes in both personal and professional contexts.