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Hamad's definition is a good one. Risk can be defined as the volatility of unexpected outcomes (Jorion). There are many risks facing a business, an infrastructure project or an investment. They read more
Risk is the effect of uncertainty on the achievement of objectives, whether resulting in threats, opportunities, or a combination of both. Effective risk management is not about eliminating uncertainty, read more
I believe your suggestions for how engineers can safeguard critical infrastructure are excellent. The alternative, doing nothing, is simply unacceptable. It's also interesting that the reference you provided read more