Standard Definition of Risk - Research Paper Example

Different researchers have different definitions of risk. Some relate risk as to the probability of unconvinced events that may occur in future. Risk is often misunderstood with the terms threat and hazard. Risks can be positive and negative. A positive risk can turn into an opportunity for a person which yields him the desired results. However, on the other hand, a negative risk may result in an impending threat and may yield undesirable results. These risks can help a person to outline his strategy which depends on how he uses the risk tools to devise risk plan.

The classification of a risk heavily depends on the outcomes. It may help a person to become a challenger or in some cases, it may endanger the person’s life. However, looking at the definition of risk, it can be concluded that risk means assessing the possibilities of positive and negative events, but in social work, the risk is more associated with life threatening situations or negative occurrences (Bearly, 1982; 82). The term was first used in 1621 as risqué which was further changed to risk in 1655.

According to the first definition of risk, it was defined that risk is the possibility of incurring a threat, a loss or it may lead to an undesired situation which can adversely affect an object. The concept of risk as pinned by the sociologist Niklas Luhmann (1993). According to him, the risk is a neologism which has greatly changed with the passage of time. He also explains that risk in the future which can produce losses and threat is dependent on a person’s decision-making process. For him, the risk occurs when a decision goes wrong which differs the concept of “danger” (which can arise from any external factor) from risk.

The use of the word “risicum” in the Middle Ages was defined to point out any sea losses and legal issues resulting in loss and damage.