Q9. a) Briefly discuss the principles of risk management or risk communication.
ANS- Risk communication is a scientifically based discipline that confronts this dilemma. Where data indicate that a hazard is not serious, yet the public is near panic, it can be used to calm people down; for this kind of situation, its goal is to provide reassurance. But it can also help generate a sense of urgency where data indicate that the hazard is serious, yet the public response is one of apathy. It has been effective, for example, in motivating people to buckle up their seat belts, to quit smoking, to test for radon in their houses, and to evacuate their homes during an emergency. It means shaking people by their collective lapels and saying: "Look, this is dangerous. It could kill you. Do something!"
Risks can come from various sources including uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. There are two types of events i.e. negative events can be classified as risks while positive events are classified as opportunities.
Certain aspects of many of the risk management standards have come under criticism for having no measurable improvement on risk; whereas the confidence in estimates and decisions seem to increase.
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