RISK AND QUALITY MANAGEMENT
In ordinary language, the notion of risk means a possible danger or inconvenience, an unpleasant event. Risk can be defined as the sum of all potential hazards around us, perceived or not. An individual may ignore some of these potential dangers, take preventive action against others through physical or financial protection, or be transposed into a state of anxiety.
In other words, risk means “the possibility of reaching a danger, of having to endure trouble or damage.” In a broader sense, taking risks means accepting all consequences that may occur in the event of a process, event or situation.
In the economic field, as its evolution, the risk has been attributed several meanings:
- The possibility that in a transaction the expected gain is not registered or a loss occurs as a result of the unfavorable evolution of the factors on which the performances of an economic agent depend;
- the sacrifice of an immediate advantage, or the absence of an immediate consumption, in exchange for future advantages;
- loss of a certain and immediate advantage resulting from the acquisition and possession of a real good, or from the consumption of a service, against a future and uncertain advantage resulting from the investment in real estate values;
- certainty about the value of a financial good, a value that will be recorded at a future date.
Thus, the characteristics of the notion of risk can be established, valid not only in the economic field but also in the political, social or military one; these would be:
- risk is an uncertain event, but perfectly possible, which has its origin in uncertainty;
- risk is an element that causes moral or material damage;
- its effects once produced can no longer be removed.
However, the analysis of the economic literature on the issue of risk shows us the lack of a single opinion on the definition of the notion of risk. Of particular interest, however, is the comparative analysis of the approach to the notion of risk in neoclassical and classical theories.