The concept of risk

One of society's most significant phenomena is the idea of danger, which permeates all spheres of human endeavor. The word "risk" has been used to convey a variety of meanings across time and in various contexts. As a result, it might be viewed as a decision that has the potential to produce a gain or a loss (Drottz-Sjöberg, 2011). People are therefore likely to benefit from such acts or may also have to weigh their losses when they are put in risky situations.
When making decisions or taking actions in relation to risky situations, acceptable risk is another aspect that is taken into account. It can be defined as a level of risk is deemed rational, i.e., a risk that offers benefits and also offers a limited degree of losses in case of any eventualities. The concept of acceptable risk is of importance and could be applied to work and daily living. This notion is based on the fact that it serves as a guide for decision making. It provides an avenue for determining the likely outcome of the decision. With the concept of acceptable risk in place at a workplace and in general life, decisions can be made based on the assurance of limited loses in cases of eventualities.

There are a couple of ethical ramifications to the application of acceptable risk in real life situation. There is need to uphold the concept of honesty when pointing out the acceptable risk level. This based on the fact the people tend to have confidence that their losses are at the minimum at this level. Hence they should be fully aware of the actual details that constitute the acceptable risk.

In conclusion, it is important to note that if the honesty aspect is not in place, then the acceptable risk is false and this will result in enormous loses in cases of eventualities.



Refference

Drottz-Sjöberg, B. M. (2011). Risk perception and definitions of risk.