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risk management[′risk ‚man·ij·mənt]
The overall systematic approach to analyzing risk and implementing risk controls.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.
The management of an activity, accepting a level of risk which is balanced against the benefit of the activity, usually based on an economic assessment.
Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved
In the building industry, the systemized practice of avoiding potential risks, such as culpability and liability or legal entanglements.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
risk managementThe optimal allocation of resources to arrive at a cost-effective investment in defensive measures within an organization. Risk management minimizes both risk and costs. See risk assessment and risk mitigation.
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