My own definition of risk :
The perceived probability of an outcome not being the desired one, leading to a success of events with variable impact on life, work, money.
The potential for performance shortfalls which may be realized in the future respect to achieving explicitly established and stated performance requirements.
Associated podcast : Radio Hour , Risk
Most significant part is the discussion with Mariana Mazzucato about who is taking the risk in innovation . Are public entities offsetting the risk in order to make few people very wealthy? How does the system work to make them pay back what they have received for free?
nasa risk management guidelines ↩
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