ABSTRACT

Like it or not, every business operator is a risk manager. Accounting for risk, even when there is a great deal of subjectivity, makes you think more deeply about how to manage it (Hardaker and Lien, 2005). Being lucky will help, but it’s best to be prepared. Fortunately there are many ways to manage or control risks. In this chapter, we discuss several risk management tools and techniques and explain how to go about identifying which risk management alternatives you want to consider when making your final risk management plans (Chapter 11).