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Define the term risk in risk management.
Risk:
It is the probability or chance of something which may or may not arise; this is something that can be quantified by using standard deviation.
Uncertainty:
It is something that cannot be predicted along with statistical confidence, normally because of insufficient information.
Quality is customer defined: Quality of service or service excellence is a desire to maintain or strengthen the commitment to the library's philosophy of service to users. Qua
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Explain about the budgeting process in risk management. The budgeting process: A budget is a quantified or forecast plan of action. A quantified financial plan of action
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