What is Risk Management?
The goal of risk management is to reduce or eliminate risks and the negative consequences associated with risks. Risk can be managed using many different strategies and is most effective when it is informed through risk characterization. The identification and evaluation of risk management strategies on the basis of cost and effectiveness are integral parts of the process. However, a number of other factors influence risk management decisions including social, political, economic and public health considerations. These factors make risk management decisions multifaceted and difficult. Decision analytic approaches may be used to evaluate difficult decisions under uncertainty. In addition to quantitative evaluation, an understanding of risk perception and a plan for risk communication are also pertinent risk management activities.