What This Document Is
These are lecture notes from RMI 2302: Risk In Business & Society at Florida State University. The notes cover foundational concepts in risk management, moving from defining risk at individual and organizational levels to exploring methods for its measurement and handling. It provides an overview of different risk categories and sources, and introduces key terminology used in the field.
Why This Document Matters
These notes are essential for students enrolled in RMI 2302. They serve as a core resource for understanding the fundamental principles of risk, which are applicable across various business disciplines and societal contexts. The material is particularly valuable for anyone seeking to build a foundation in risk assessment, mitigation, and management strategies. It’s used during lectures to provide a structured overview of the course material and as a study aid for grasping core concepts.
Common Limitations or Challenges
This document provides a high-level overview and does *not* offer in-depth analysis, case studies, or practical application exercises. It’s a starting point for learning, not a comprehensive guide. Users will still need to attend lectures, complete assignments, and engage with additional resources to fully master the subject matter. It does not replace the need for critical thinking and independent research.
What This Document Provides
The full document includes:
* Definitions of risk, uncertainty, exposure, peril, and hazard.
* A categorization of risks (pure vs. speculative, fundamental vs. particular, core vs. secondary).
* An overview of risk measurement techniques, including frequency, severity, and expected value.
* Discussion of attitudes toward risk (risk neutral, risk averse, risk seeker).
* An introduction to the risk management process, including objective setting, risk identification, and evaluation.
* An outline of risk control methods (risk prevention and reduction).
This preview *does not* include detailed examples, statistical analyses, or the full content of presentation questions referenced within the notes. It also does not include the complete risk management process breakdown or specific techniques for evaluating risk.
