risk:

... the persistent but ever changing factors of uncertainly that accompany the state of being or the process of acting or doing in the course of everyday existence. Risk is everywhere. A risky course is the progress one makes along a path of calculated or uncertain danger.

The Laconic Security website has an article titled: Elements of Risk. Its definition of risk (for an enterprise): ... the art/science of balancing the potential for financial loss with effective countermeasures to reduce or prevent that loss. Simply stated, risk is the measure of financial uncertainty inherent in business operations.

Members of the .network core user group are risk takers. business decision makers, use market intelligence to plan strategies for correcting competitive vulnerabilities. Strategy decisions are calculated risks. Their planning is part of the process of risk management, which can be defined as taking a methodical approach in an attempt to ascertain the possibilities of avoiding vulnerability or suffering a business setback or loss.

6 fundamentals of risk management:

Anticipate

: Prepare to take a calculated risk as opposed to relying on intuition

Contingencies

: Keep decision making and planning focused on what-if

The definition of risk vulnerability is very intuitive according to an article in Theory and Decision published online in 2009: Risk vulnerability: a graphical interpretation. The article refers to risk aversion—a related term is risk adversity.

The alternative to risk management is either to react or take a course of action based on a hunch. In any event, risk vulnerability is something we live with moment to moment.

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What is the meaning of risk as applied to enterprise and economic development?

See the definition of risk in the Enterprise and Economic Development Glossary. Also, the glossary definition of risk management is at the top of this page. Following are suggested search terms (in italics) that you may find useful for adding more information to get an answer to the question. Copy, with or without quotation marks, and paste suggestions to the search engine below

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