Risk refers to the possibility of experiencing harm, loss, or negative outcomes. It is often associated with uncertainty and can arise in various contexts, such as finance, health, and safety. Understanding risk involves assessing the likelihood of an event occurring and the potential impact it may have. In decision-making, risk assessment helps individuals and organizations weigh the pros and cons of different choices. By identifying and analyzing potential risks, one can implement strategies to mitigate them, ensuring better outcomes in personal and professional situations.