Risk
The chance of falling short of a stated goal. Without the goal named, the word says nothing; with it, risk is a count of futures.
L2Level 2 of 3 · no narrower concepts
What it rests on, and what rests on it
Where it is used
Articles
- Risk you can measure, uncertainty you cannot
In the model
- The glossary's “Expected shortfall (severity)”
Sources
- Frank H. Knight, Risk, Uncertainty and Profit, 1921.