Risk can’t be discussed in general terms.  Risks are specific in nature.  Executives, entrepreneurs, and consumers should identify and describe risks as articulately as possible.  Usually, they involve some risk of loss.  Where possible, risks should be avoided.  Risks that cannot be avoided should be managed by transferring or insuring them.

Risk avoidance is straight forward.  One identifies how losses may occur and takes affirmative measures to prevent or decrease the probability of loss.  This is a good investment of time and resources.

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