enterprise and individual risk management
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Figure 1.1 Complete Picture of the Holistic Risk Puzzle
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Figure 1.2 Uncertainty as a Precondition to Risk
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JBBQFKDP KA @BIBOQFLKP. FO QOSBI ITVP @OOFBP TFQE FQ QEB MLPPFFIFQV QEQ TB
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KBDQFSB BSBKQ B@RPB FQ TP BUQBOKIIV FJMLPBA RMLK RP. B QERP BUMBOFBK@BA
ILPP B@RPB TB ABSFQBA COLJ LRO MIKP. QEBO ABSFQFLKP COLJ BUMB@QQFLKP @LRIA
FK@IRAB BFKD FK K @@FABKQ OQEBO QEK CRK LRQFKD. EB MLPPFFIFQV LC ILTBO-QEK-
BUMB@QBA (KBDQFSB) LRQ@LJBP B@LJBP @BKQOI QL QEB ABCFKFQFLK LC OFPH, B@RPB PL-@IIBA ILPPBP MOLAR@B QEB KBDQFSB NRIFQV PPL@FQBA TFQE KLQ HKLTFKD QEB CRQROB.
B JRPQ QEBK JKDB QEB KBDQFSB @LKPBNRBK@BP LC QEB RK@BOQFK CRQROB. EFP FP
QEB BPPBK@B LC OFPH JKDBJBKQ.
RO MBO@BMQFLK LC OFPH OFPBP COLJ LRO MBO@BMQFLK LC KA NRKQFCF@QFLK LC
RK@BOQFKQV. K P@FBKQFCF@ PBQQFKDP KA FK @QROFI KA CFKK@FI @LKQBUQP, OFPH FP
RPRIIV BUMOBPPBA FK QBOJP LC QEB MOLFIFQV LC L@@ROOBK@B LC ASBOPB BSBKQP. K
LQEBO CFBIAP, PR@E P MLIFQF@I OFPH PPBPPJBKQ, OFPH JV B SBOV NRIFQQFSB LO
PRGB@QFSB. EFP FP IPL QEB PRGB@Q LCEMQBO 2 "FPH BPROBJBKQ KA BQOF@P".
'! A'!AA
` K@BOQFKQV FP MOB@ROPLO QL OFPH.
` FPH FP @LKPBNRBK@B LC RK@BOQFKQV; OFPH @K B BJLQFLKI, CFKK@FI, LO
OBMRQQFLKI.
` EB OLIBP LC UFJFWQFLK LC IRB KA FKFJFWQFLK LC LPPBP CLOJ
@LKQFKRRJ LK TEF@E OFPH FP K@ELOBA.
` KB @LKPBNRBK@B LC RK@BOQFKQV FP QEQ @QRI LRQ@LJBP JV SOV COLJ
TEQ FP BUMB@QBA KA P PR@E OBMOBPBKQP OFPH.
C !
1. EQ FP QEB OBIQFLKPEFM BQTBBK RK@BOQFKQV KA OFPH?
2. EQ OLIBP @LKQOFRQB QL QEB ABCFKFQFLK LC OFPH?
3. EQ BUJMIBP CFQ RKABO RK@BOQFKQFBP KA @LKPBNRBK@BP? EF@E OB QEB
OFPHP?
4. EQ FP QEB CLOJI ABCFKFQFLK LC OFPH?
5. EQ BUJMIBP @K VLR @FQB LC NRKQFQQFSB @LKPBNRBK@BP LC RK@BOQFKQVKA NRIFQQFSB LO BJLQFLKI @LKPBNRBK@B LC RK@BOQFKQV?
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.2 EB LQFLK KA BCFKFQFLK LC FPH 22
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1.3 AKK@KL
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BSBOVLKBfeltIFHB DJIBO. EFP BJMEPFWBP GRPQ ELT CIRFAIV OFPH IFBP LK
@LKQFKRRJ IFHB QEQ FK FDROB 1.3 "LIBP (GB@QFSBP) KABOIVFKD QEB BCFKFQFLK LC
FPH". FKK@FI QEBLOFBP KA OBPBO@E MV QQBKQFLK QL QEB KQROB LC QEB BESFLO LC
CFOJP FK QEBFO MROPRFQ QL JUFJFWB SIRB. LPQ QEBLOFBP DOBB QEQ CFOJP TLOH
TFQEFK OFPH IFJFQP QL BKPROB QEBV AL KLQ fDL OLHB.g K QEB CLIILTFKD LU TB MOLSFAB
OFBC AFP@RPPFLK LC MBLMIBiP QQFQRABP QLTOA OFPH. JLOB BILOQB AFP@RPPFLK @KB CLRKA FK EMQBO 3 "FPH QQFQRABP: UMB@QBA QFIFQV EBLOV KA BJKA CLO
BADFKD".
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.3 QQFQRABP QLTOA FPHP 24
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Figure 1.4
Risk Balls
'! A'!AA
` FCCBOBKQFQB JLKD QEB QEOBB OFPH QQFQRABP QEQ MOBSFI FK LRO
IFSBPeOFPH SBOPB, OFPH KBRQOI, KA OFPH PBBHBO.
C !
1. JB QEOBB OFPH QQFQRABP QEQ MBLMIB AFPMIV.
2. LT AL QELPB OFPH QQFQRABP CFQP FKQL OLIBP QEQ IFB BEFKA QEB ABCFKFQFLK
LC OFPHP?
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.3 QQFQRABP QLTOA FPHP 26
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1.4 PG
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OFDEQ-EKA PFAB CL@RPBP LK PMB@RIQFSB OFPH. EB IBCQ-EKA PFAB OBMOBPBKQP MROB OFPH.
FPH MOLCBPPFLKIP CFKA QEFP AFPQFK@QFLK RPBCRI QL AFCCBOBKQFQB BQTBBK QVMBP LC OFPH.
LJB OFPHP @K B QOKPCBOOBA QL QEFOA MOQVeIFHB K FKPROK@B @LJMKV. EBPB
QEFOA MOQFBP @K MOLSFAB RPBCRI fOFPH JKDBJBKQ PLIRQFLK.g LJB PFQRQFLKP, LKQEB LQEBO EKA, OBNRFOB OFPH QOKPCBOP QEQ RPB @MFQI JOHBQP, HKLTK P EBADFKD LO
PB@ROFQFWQFLKP. @E>13 OBCBOP QL @QFSFQFBP QEQ OB QHBK QL OBAR@B LO BIFJFKQB
OFPHP.
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PELT QEBFO @QFSFQFBP FK QEB OBP LC BKQBOMOFPB OFPH JKDBJBKQ. P VLR TFII PBB FK
IQBO @EMQBOP, QEB OFPH JKDBO FK RPFKBPPBP FP KL ILKDBO ROFBA FK QEB QOK@EBP LC
QEB BKQBOMOFPB. FPH JKDBOP OB MOQ LC QEB BUB@RQFSB QBJ KA OB BPPBKQFI QL
@EFBSFKD QEB JFK LGB@QFSBP LC QEB BKQBOMOFPB. MF@QROB LC QEB BKQBOMOFPB OFPH JM
LC IFCB FKPROBOP FP PELTK IQBO FK FDROB 1.5 " ELQL LC ISBPQLK PIKA CQBO
ROOF@KB HB".
IB 1.2 UJMIBP LC ROB SBOPRP MB@RIQFSB FPH UMLPROBP
LI< @JVFJJ FI F FJJ EP
G
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LI< @JVFJJ FI F FJJ EP
G
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Figure 1.5 A Photo of
Galveston Island after
Hurricane Ike
@LKPBNRBK@BP LC @RPFKD AJDB QL LQEBOP. KB FP BUMLPBA QL QEB MLPPFFIFQV LC@@@KP FJJ20 (ILPP @RPBA V QEFOA MOQV TEL FP @LKPFABOBA Q CRIQ) V ESFKD QL
ABCBKA DFKPQ ITPRFQ TEBK EB LO PEB EP FK PLJB TV EROQ LQEBO MBLMIB. EB
OBPMLKPFIB MOQV JV B@LJB IBDIIV LIFDQBA QL MV CLO FKGROV QL MBOPLKP LO
AJDB QL MOLMBOQV. FFIFQV OFPH JV L@@RO B@RPB LC @QPQOLMEF@ ILPP BUMLPROB
LO B@RPB LC @@FABKQI ILPP BUMLPROB. OLAR@Q IFFIFQV FP K FIIRPQOQFSB BUJMIB: CFOJ FP OBPMLKPFIB CLO @LJMBKPQFKD MBOPLKP FKGROBA V PRMMIVFKD ABCB@QFSB
MOLAR@Q, TEF@E @RPBP AJDB QL K FKAFSFARI LO KLQEBO CFOJ.
CKJKIFG@ FJJ !OGFJLI< E LED
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KLQEBO MLPPFIB @QBDLOFWQFLK LC BUMLPROBP FP P CLIILTP:
` FPHP LC KQROB
` FPHP OBIQBA QL ERJK KQROB (QEBCQ, RODIOV, BJBWWIBJBKQ, CORA)
` K-JAB OFPHP` FPHP PPL@FQBA TFQE AQ KA HKLTIBADB
` FPHP PPL@FQBA TFQE QEB IBDI PVPQBJ (IFFIFQV)eFQ ALBP KLQ @OBQB QEB
OFPHP RQ FQ JV PEFCQ QEBJ QL VLRO OBK
` FPHP OBIQBA QL IODB PVPQBJP: DLSBOKJBKQP, OJFBP, IODB RPFKBPP
LODKFWQFLKP, MLIFQF@I DOLRMP
` KQBIIB@QRI MOLMBOQV
ROB KA PMB@RIQFSB OFPHP OB KLQ QEB LKIV TV LKB JFDEQ AF@ELQLJFWB OFPHP.
KLQEBO OBHALTK FP BQTBBK @QPQOLMEF@ OFPHP, PR@E P CILLA KA EROOF@KBP, P
LMMLPBA QL @@FABKQI ILPPBP PR@E P QELPB @RPBA V @@FABKQP PR@E P CFOBP.
KLQEBO AFCCBOBKQFQFLK FP V PVPQBJF@ LO KLKAFSBOPFCFIB OFPHP, P LMMLPBA QL
FAFLPVK@OQF@ LO AFSBOPFCFIB OFPHP; QEFP FP BUMIFKBA BILT.
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MLOQCLIFL. EFP TFII B AFP@RPPBA FK ABQFI BILT KA FK IQBO @EMQBOP. EB CFBIA LC
OFPH JKDBJBKQ ABIP TFQE LQE AFSBOPFCFIB KA KLKAFSBOPFCFIB OFPHP. P QEB
BSBKQP LC BMQBJBO 2008 ESB PELTK, @LKQOOV QL PLJB FKQBOMOBQQFLKP LC CFKK@FI
QEBLOV, QEB FAFLPVK@OQF@ OFPHP LC PLJB KHP @LRIA KLQ ITVP B AFSBOPFCFBA TV.
EBPB OFPHP ESB PELTK QEBV ESB QEB FIFQV QL @LJB @H QL FQB (KA MLFPLK) QEB
BKQFOB BKQBOMOFPB KA LQEBOP PPL@FQBA TFQE QEBJ.
IB 1.3 "UJMIBP LC FPH UMLPROBP V QEB FSBOPFCFIB KA LKAFSBOPFCFIB
QBDLOFBP" MOLSFABP BUJMIBP LC OFPH BUMLPROBP V QEB @QBDLOFBP LC AFSBOPFCFIB
KA KLKAFSBOPFCFIB OFPH BUMLPROBP. KV LC QEBJ OB PBIC BUMIKQLOV, RQ QEB
JLPQ FJMLOQKQ AFPQFK@QFLK FP TEBQEBO QEB OFPH FP RKFNRB LO FAFLPVK@OQF@ QL CFOJ
LO KLQ. LO BUJMIB, QEB OBMRQQFLK LC CFOJ FP RKFNRB QL QEB CFOJ. BPQOLVFKD LKBiP
OBMRQQFLK FP KLQ PVPQBJF@ OFPH FK QEB B@LKLJV LO QEB JOHBQ-MI@B. K QEB LQEBO
EKA, JOHBQ OFPH, PR@E P ABSIRQFLK LC QEB ALIIO FP PVPQBJF@ OFPH CLO II CFOJP FK
QEB BUMLOQ LO FJMLOQ RPFKBPPBP. K IB 1.3 "UJMIBP LC FPH UMLPROBP V QEB
FSBOPFCFIB KA LKAFSBOPFCFIB QBDLOFBP" TB MOLSFAB BUJMIBP LC OFPHP VQEBPB @QBDLOFBP. EB BUJMIBP OB KLQ @LJMIBQB KA QEB PQRABKQ FP FKSFQBA QL AA P
JKV BUJMIBP P ABPFOBA.
IB 1.3 UJMIBP LC FPH UMLPROBP V QEB FSBOPFCFIB KA LKAFSBOPFCFIB
QBDLOFBP
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Figure 1.6 Life Insurers Enterprise Risks
@JJ @E K< @DK
RO DOBQ PR@@BPPBP FK FKKLSQFLK OB IPL Q QEB EBOQ LC QEB DOBQBPQ OFPHP LC LRO
IFSBP. K LKDLFKD @LK@BOK FP QEB BIB@QOLKF@ OFPH (B-OFPH) DBKBOQBA V QEB BUQBKPFSB
RPB LC @LJMRQBOP, B-@LJJBO@B, KA QEB KQBOKBQ. EBPB OFPHP OB BUQBKPFSB KA QEB
BUMLPROBP OB B@LJFKD JLOB ABCFKBA. EB LU LQB 1.32 "EB FPHP LC -
BUMLPROBP" BILT FIIRPQOQBP QEB KBTKBPP KA KLQ-PL-KBTKBPP FK LRO OFPHP.
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.4 VMBP LC FPHPeFPH UMLPROBP 35
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@VBOPM@B, BSFABK@BA V OB@LOA-OBHFKD LKIFKB PIBP AROFKD QEB 2005
EOFPQJP PBPLK.
Sources: OOV OLVALK, fHFKD BKPB LC VBO-UMLPROBP,g NationalUnderwriter, OLMBOQV & PRIQV/FPH & BKBCFQP KDBJBKQ AFQFLK, 17 RKB
2002; LKKB LG@FH, fKPROBOP RQ -FPHP COLJ LIF@FBP,g Business Insurance, 10
BMQBJBO 2001; OFLRP JBAF OBPLRO@BP Q QEB BKA LC 2005 PR@E P Wall Street
Journal KA IL@I KBTPMMBOP.
LAV, QEBOB FP KL JBAF QEQ FP KLQ AFP@RPPFKD QEB OFPHP QEQ OLRDEQ RP QL QEB
@IJFQV TB OB BKAROFKD AROFKD LRO @ROOBKQ CFKK@FI @OFPFP. ERP, P LMMLPBA QL
QEB JBD@QPQOLMEBP LC 2001 KA 2005, LRO @LK@BKQOQFLK FP LK QEB CFIROB LC OFPH
JKDBJBKQ FK QEB OB LC PMB@RIQFSB OFPHP LO QEB LMMLOQRKFQV FK OFPHP KA KLQ P
JR@E LK QEB MROB OFPH. @PB Q MLFKQ FP QEB IFQQIB JBAF @LSBODB LC QEB ABSPQQFLK
LC ISBPQLK PIKA COLJ ROOF@KB HB AROFKD QEB CFKK@FI @OFPFP LC BMQBJBO
2008. EB CLIILTFKD LU ABP@OFBP QEB OFPHP LC QEB CFOPQ AB@AB LC QEB KBT
JFIIBKKFRJ.
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.4 VMBP LC FPHPeFPH UMLPROBP 37
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@JJ @E K<
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FJMLOQK@B LC ESFKD @LJJFQQBA PQHBELIABO TEL FP SBPQBA FK QEB LRQ@LJB
KA @OBP QL ILTBO KA JFQFDQB QEB OFPH. FK@B QEB FKPROK@B FKARPQOV AFA KLQ
LTK QEB OFPH LC CILLA, QEBOB TP DM FK QEB OFPH JKDBJBKQ. EB CL@RP LK
QBOOLOFPJ OFPH @LRIA B OBDOABA P @LKQOFRQFKD C@QLO QL QEB KBDIB@Q LC QEBKQROI AFPPQBOP OFPH FK BT OIBKP. EB DOLRKA TP CBOQFIB CLO JFPEKAIFKD
QEB BUQOBJB EROOF@KB @QPQOLMEBP. EBOBCLOB, COLJ PR@E SFBTMLFKQ, FQ @K
B ODRBA QEQ BMQBJBO 11 ABOFIBA LRO @LJMOBEBKPFSB KQFLKI OFPH
JKDBJBKQ KA @LKQOFRQBA FKAFOB@QIV QL QEB TLOPBKFKD LC QEB BCCB@QP LC
ROOF@KB QOFK.
ROQEBOJLOB, FK K BO LC CFKK@FI QB@EKLILDV KA @OBQFLK LC FKKLSQFSB
JLABIFKD CLO MOBAF@QFKD QEB JLPQ FKCOBNRBKQ @QPQOLMEBP, QEB FKKLSQFLK KA
DOLTQE FK ERJK @M@FQV FP Q QEB OLLQ LC QEB @ROOBKQ @OBAFQ @OFPFP. EFIB QEB
FKKLSQFLK IILTP CFOJP PR@E P FPH KDBJBKQ LIRQFLKP () KA
LOIATFAB QL MOLSFAB JLABIPEQQM://TTT.OJP.@LJ, EQQM://TTT.FPL.@LJ/
FKABU.MEM?LMQFLK= @LJ@LKQBKQ&QPH=SFBT&FA=932&QBJFA=587, KA
EQQM://TTT.FPL.@LJ/FKABU.MEM?LMQFLK=
@LJ@LKQBKQ&QPH=SFBT&FA=930&QBJFA=585. QEQ MOBAF@Q MLQBKQFI JK-JAB
KA KQROI @QPQOLMEBP, CFKK@FI QB@EKLILDV IPL ASK@BA QEB @OBQFLK LC
CFKK@FI FKPQORJBKQP, PR@E P @OBAFQ ABCRIQ ABOFSQFSBP KA JLOQDDB-@HBA
PB@ROFQFBP. EB @OBQFLK LC QEB MOLAR@QP MOLSFABA fI@H LUBPg RKABOPQLLA V
CBT KA TFQELRQ MMOLMOFQB OFPH JKDBJBKQ. KDFKBBOP, JQEBJQF@FKP, KA
NRKQFQQFSBIV QIBKQBA MBLMIB JLSBA COLJ QEB ILT-MVFKD GLP FK QEBFO
OBPMB@QFSB CFBIAP FKQL II QOBBQ. EBV RPBA QEBFO PHFIIP QL @OBQB JLABIP KA
KBT MOLAR@QP RQ I@HBA QEB RPFKBPP @RJBK KA QEB OBNRFOBA PCBQV KBQRKABOPQKAFKD QL BKPROB MOLAR@Q PRPQBKK@B. KDBJBKQ LC IODB CFKK@FI
FKPQFQRQFLKP DILIIV BKGLVBA QEB KBT @OBQFSFQV KA BKALOPBA QEB ALMQFLK LC
QEB KBT MOLAR@QP TFQELRQ @IBO RKABOPQKAFKD LC QEBFO MLQBKQFI FJM@Q LO GRPQ
B@RPB LC DOBBA. EFP I@H LC OFPH JKDBJBKQ FP Q QEB EBOQ LC QEB @OBAFQ
@OFPFP LC 2008. L TLKABO QEB @OBAFQ OQFKD LODKFWQFLKP OB KLT AAFKD
P@LOBP QL QEBFO OQFKDP LC @LJMKFBP.
EB CLIILTFKD NRLQB FP HBV QL QLAViP OFPH JKDBJBKQ AFP@FMIFKB: fFPH
JKDBJBKQ EP BBK PFDKFCF@KQ MOQ LC QEB FKPROK@B FKARPQOVc, RQ FK
OB@BKQ QFJBP FQ EP ABSBILMBA TFABO @ROOBK@V P K BJBODFKD JKDBJBKQMEFILPLMEV @OLPP QEB DILBc. EB @EIIBKDB C@FKD QEB OFPH JKDBJBKQ
MO@QFQFLKBO LC QEB QTBKQV-CFOPQ @BKQROV FP KLQ GRPQ OBHFKD COBB LC QEB JKQO
QEQ OFPH JKDBJBKQ FP II LRQ FKPROK@B, KA FC TB ESB FKPROK@B, QEBK TB
ESB JKDBA LRO OFPHP, RQ OQEBO BFKD @@BMQBA P MOLSFABO LC ASF@B KA
PBOSF@B QL QEB OFPH JHBOP KA QEB OFPH QHBOP Q II IBSBIP TFQEFK QEB BKQBOMOFPB.
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.4 VMBP LC FPHPeFPH UMLPROBP 39
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Q FP QEB OFPH JHBOP KA QEB OFPH QHBOP TEL JRPQ B QEB LTKBOP LC OFPH KA
@@LRKQIB CLO FQP BCCB@QFSB JKDBJBKQ.gROBKQ LKAJFK, BK-RI
LRFPLQ, KA QOF@H FJ, fFPH RKQFCF@QFLK: KDBJBKQ, FDKLPFP KA
BADFKDg (EF@EBPQBO, : LEK FIBV & LKP QA., 2006).
'! A'!AA
` LR PELRIA B IB QL ABIFKBQB QEB JFK @QBDLOFBP LC OFPHP: MROB SBOPRP
PMB@RIQFSB, AFSBOPFCFIB SBOPRP KLKAFSBOPFCFIB, FAFLPVK@OQF@ SBOPRP
PVPQBJF@.
` LR PELRIA IPL RKABOPQKA QEB DBKBOI @LK@BMQ LC BKQBOMOFPB-TFAB OFPH.
` OV QL FIIRPQOQB B@E @OLPP @IPPFCF@QFLK LC OFPH TFQE BUJMIBP.` K VLR AFP@RPP QEB OFPHP LC LRO AB@AB?
C !
1. JB QEB JFK @QBDLOFBP LC OFPHP.
2. OLSFAB BUJMIBP LC OFPH @QBDLOFBP.
3. LT TLRIA VLR @IPPFCV QEB OFPHP BJBAABA FK QEB CFKK@FI @OFPFP LC CII
2008 TFQEFK B@E LC @OLPP-@IPPFCF@QFLK?
4. LT ALBP B-OFPH CFQ FKQL QEB @QBDLOFBP LC OFPH?
EMQBO 1 EB QROB LC FPH: LPPBP KA MMLOQRKFQFBP
1.4 VMBP LC FPHPeFPH UMLPROBP 40
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KLI
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IFHBIFELLA LC PIFMP KA CIIP; KA LIA TFOFKD, TEF@E JV FK@OBPB QEB IFHBIFELLA LC
CFOB.
EVPF@I EWOAP QEQ CCB@Q MOLMBOQV FK@IRAB IL@QFLK, @LKPQOR@QFLK, KA RPB.
RFIAFKD IL@QFLKP CCB@Q QEBFO PRP@BMQFFIFQV QL ILPP V CFOB, CILLA, BOQENRHB, KALQEBO MBOFIP. RFIAFKD IL@QBA KBO CFOB PQQFLK KA DLLA TQBO PRMMIV EP
ILTBO @EK@B QEQ FQ TFII PRCCBO PBOFLRP ILPP V CFOB QEK FC FQ FP FK K FPLIQBA OB
TFQE KBFQEBO TQBO KLO CFOBCFDEQFKD PBOSF@B. FJFIOIV, @LJMKV QEQ EP RFIQ
@HRM DBKBOQLO TFII ESB ILTBO IFHBIFELLA LC PBOFLRP CFKK@FI ILPP FK QEB BSBKQ
LC MLTBO ILPP EWOA.
LKPQOR@QFLK CCB@QP LQE QEB MOLFIFQV KA PBSBOFQV LC ILPP. EFIB KL RFIAFKD FP
CFOBMOLLC, PLJB @LKPQOR@QFLK QVMBP OB IBPP PRP@BMQFIB QL ILPP COLJ CFOB QEK LQEBOP.
RQ RFIAFKD QEQ FP PRP@BMQFIB QL LKB MBOFI FP KLQ KB@BPPOFIV PRP@BMQFIB QL II.
LO BUJMIB, COJB RFIAFKD FP JLOB MQ QL ROK QEK OF@H RFIAFKD, RQ COJB
RFIAFKDP JV PRCCBO IBPP AJDB COLJ K BOQENRHB.
PB LO L@@RMK@V JV IPL @OBQB MEVPF@I EWOAP. LO BUJMIB, RFIAFKDP RPBA QL
JKRC@QROB LO PQLOB CFOBTLOHP TFII ESB DOBQBO MOLFIFQV LC ILPP V CFOB QEK AL
LCCF@B RFIAFKDP. FHBTFPB, RFIAFKDP RPBA CLO AOV @IBKFKD (TEF@E RPBP SLIQFIB
@EBJF@IP) TFII BO DOBQBO MEVPF@I EWOA QEK AL BIBJBKQOV P@ELLIP. OP
RPBA CLO RPFKBPP MROMLPBP JV B BUMLPBA QL DOBQBO @EK@B LC ILPP QEK QVMF@I
CJFIV @O PFK@B RPFKBPPBP RPB SBEF@IBP JLOB BUQBKPFSBIV KA FK JLOB AKDBOLRP
PBQQFKDP. FJFIOIV, MBLMIB ESB MEVPF@I @EO@QBOFPQF@P QEQ CCB@Q ILPP. LJB LC RP
ESB OFQQIB LKBP, TBH FJJRKB PVPQBJP, LO SFQJFK ABCF@FBK@FBP. KV LC QEBPB
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Figure 2.1 Links between Each Holistic Risk Puzzle Piece and Its Computational Measures
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Figure 2.2 Possible Outcomes for a Roll of Two Dice with the Probability of Having a Particular Number of Dots
Facing Up
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Figure 2.3 Normal Distribution of Potential Profit from a Research and Development Project
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