Risk Management techniques

In this week’s reading, several risk management techniques were discussed. Identify a risk situation and discuss an appropriate technique or combination of techniques to manage that risk. Respond to at least two of your classmates’ postings.

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This week’s reading’s main topic was risk and techniques to manage risk. What is a risk? When most people hear or read the word, many think about losing something valuable. According to the textbook, the risk is defined as uncertainty (Rejda & McNamara, 2019). Because of the uncertainty of future events, many of us choose to use the most common and easy technique: avoidance. Our risk tolerance drives our decision to limit ourselves to something greater, something that we have never imagined for ourselves. We tend to believe that we will not be as lucky as other people, so we stay put. For example, investing has the potential to change our life for the better, sometimes for worst, depending on the amount of risk taken. A risk to our financial situation that we face daily but do not usually think about unless it is presented to us over the news is inflation. When our employer pays us, we can spend, save, or invest this money. The first two options are the most desirable. The risk here is that if we spend the money, we limit ourselves for future spending and choose to reward ourselves in the present.

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