Retrieving "Qualitative Evaluation" from the archives

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1. Risk

   Linked via "qualitative evaluation"

   Risk is a multifaceted concept generally defined as the exposure to the possibility of loss, detriment, or undesirable consequences resulting from an uncertain future event. In nearly all contexts, risk is intrinsically linked to uncertainty ($\approx$ Knightian economics), probability, and the perceived magnitude of potential negative outcomes. It underpins decision-making processes across disciplines, from actuarial science and [finance](/entries/fin…