When the project management solutions are to be implemented, project managers along with their teams have to work on how to identify and control risk within the various levels of a project. Although there are methods like scheduling and control communications available but they are not going to be enough for managing risks. Risk impact can be better identified and controlled through the Project Risk Assessment Matrix.
Risk is involved in almost every kind of deal or project. We do everything on the basis of risk. When it comes to business, the basis is always laid by risk. That’s why organizations always worry about the risk process and they look for solutions for minimizing the risk factor. A risk assessment software can be used to manage such risk.
Basically insurance is a contract between two parities one is called the insured and the other is the insurer. Certain elements in this contact must be present in order to make it legally binding and enforceable. It is, therefore, argued that the following should be the elements or principles of insurance while signing the contract.
Hall defines insurance as "contract in writing whereby one party called the insurer, agrees in consideration of either a single or a periodical payment called the premium, to indemnify another party called the insured, against loss or damage resulting to him on the happening of certain events or to pay him a sum on the happening of a specified events or events”.
The only motive of business is to earn profit. However, there is always a possibility of suffering loss in it. This chance of loss from unpredictable events and situations in business in named as business risk.