What is risk?
Risk is something that we as people stand on a every day basis. individuals are perpetually making selections based on risk. easy decision in everyday life like driving, crossing the road and money investment all imply an acceptance risk. Risk is that the combination of the likelihood and severity of a specific hazardous event occurring. In mathematical term, risk will be calculated by the equation:
Risk = Likelihood x Severity
Likelihood is a happening likely to occur among the particular period or in specific circumstances and, Severity is outcome from an occurrence like severity of injury or health of individuals, or damage to property, or insult to surroundings, or any combination of those caused by the event.
