Answer all of the following: • Compare and contrast a minimum of three different definitions of risk. Draw some ‘ conclusions about the meaning of risk by proposing your own definition of ‘risk’.
• Analyse how business risk differs from risk in general. Evaluate the components of business risk. Using various academic/theoretical viewpoints argue and justify a case for (or against)
any one individual component having a higher priority over one or more components. • Explain decision making heuristics, bias and risk preference. Assess and evaluate how the existence of decision making heuristics, bias and risk preference impacts the analysis and management of risk for decision makers.