1A: Risk

Objective: to define risk.

Webster's dictionary gives us a fair picture when it defines risk as "the possibility of suffering harm or loss." In the first part of this definition, "possibility" suggests the work of statisticians. In the last part of this definition, "harm or loss" suggests the work of health professionals (if we took a broader view, we could also include engineers, public policy analysts, ecologists, and various other scientists). Perhaps most interesting is Webster's use of the word "suffering." Note that we could drop this term from the definition and still have a workable guide (i.e., "the possibility of harm or loss.") However, its inclusion suggests the work of psychologists, sociologists, or medical practitioners: how else would we measure "suffering"? Furthermore, perhaps a few lawyers would have a few things to argue about how to measure suffering! In any event, the underlying message here should be clear: the study of "risk" should always be multidisciplinary. Even the simplest definition shows us the formidable multiple challenges we face.

In 1985, the National Academy of Sciences assembled a group to provide a more substantial definition of the field, and my paraphrase of their definition is: the probability and magnitude of a hazard. A closer look at this definition shows it to be consistent with Webster's dictionary, but it uses a language more in keeping with the working professionals in the field.

One simple exercise can help reveal additional insights into use the term "risk." By using a thesaurus, we can arrive at interesting synonyms for this term. For example, synonyms that derive from the term risk are: possibility, possible, capable, ability, power, skill or talent !

As used by the insurance industry, risk is the amount an insurance company stands to lose (especially in dollars). Ultimately, it would appear that risk is tied to money, power, and prestige. Other synonyms include: luck, fortune, play, and even dare! Again, the warning should be clear: the true meaning of risk depends on who is using the term.

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