Two approaches to managing risk

Among the first decisions a risk practitioner faces is whether to express risk quantitatively or qualitatively. We consider this framing to be a red herring. The meaningful distinction is not between methods, but between results.

What is risk, and why bother managing it?

Most of us understand risk as something ominous: a danger, a threat, something that could go wrong. Yet we celebrate risk-taking as bravery. If we are rational beings, however, how can we hold both of these conflicting beliefs simultaneously?