UncertaintyUncertainty or incertitude refers to situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown, and is particularly relevant for decision-making. Uncertainty arises in partially observable or stochastic or complex or environments, as well as due to ignorance, indolence, or both.
Risk assessmentEstimation of risk associated with exposure to a given set of hazards Risk assessment is a process for identifying hazards, potential (future) events which may negatively impact (harm) an individual(s), asset(s), and/or the environmentlikelihood (probability) of those hazards occurringconsequences of those hazardsactions (risk reduction methods) which can mitigate these hazardous effects.As the first stage of a risk assessment process, hazard analysis identifies the situations and events for all potential or foreseeable hazards.
SafetySafety is the state of being protected from harm or other danger. Safety can also refer to the control of recognized hazards in order to achieve an acceptable level of risk. MeaningsEtymologyThe word 'safety' entered the English language in the 14th century. It is derived from Latin salvus, meaning uninjured, in good health, safe. via Middle English saufte, from Anglo-French salveté, saufté, from salf safe. DefinitionsThe term is used often and in a wide range of contexts.Risk managementRisk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring.
InsuranceProtection from financial lossAn advertisement for a fire insurance company Norwich Union, showing the amount of assets in coverage and paid insurance (1910)Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.FinanceFinance refers to the management, movement, investment, and raising of money. "Finance" also refers to the academic discipline that studies these. Based on the scope of financial activities, the discipline can be divided into the three primary branches personal, corporate, and public finance.HealthHealth has a variety of definitions which have been used for different purposes over time and is a multidimensional concept. It commonly refers to physical and emotional well-being. Good health is associated with normal functioning of the human body in day to day life, absent of disease, pain (including mental pain), or injury.
Information technologyInformation technology (IT) is the study or use of computers, telecommunication systems and other devices to create, process, store, retrieve and transmit information. While the term is commonly used to refer to computers and computer networks, it also encompasses other information distribution technologies such as television and telephones. Information technology is an application of computer science and computer engineering.
Environmental scienceEnvironmental science is an academic field that integrates the physical, biological, and mathematical sciences to study the environment and solve environmental problems. It uses an integrated, quantitative, and interdisciplinary approach to analyze environmental systems and emerged from the fields of natural history and medicine during the Enlightenment.
EconomicsSocial science studying goods and servicesEuro coinsEconomics () is a social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as the basic elements of economies, including individual agents and markets, their interactions, and the outcomes of those interactions.
BusinessBusiness is the practice of making one's living or making money by producing or buying and sellingproducts (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liabilitycompany. The taxation system for businesses is different from that of the corporates.
SecuritySecurity is protection from, or resilience against, potential harm (or other unwanted coercion). Beneficiaries (technically referents) of security may be persons and social groups, objects and institutions, ecosystems, or any other entity or phenomenon vulnerable to unwanted change.
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