What is risk avoidance?
An example of an AI chatbot conversation about risk avoidance in decision-making.
What is risk avoidance?
Risk avoidance is a strategy to eliminate potential risks by not engaging in activities that could lead to negative outcomes.
Can you give me an example of risk avoidance?
Sure! An example would be a company deciding not to enter a new market due to the high uncertainty and potential losses.
Are there any downsides to risk avoidance?
Yes, while it can prevent losses, it may also lead to missed opportunities for growth and innovation.
How does risk avoidance differ from risk mitigation?
Risk avoidance eliminates the risk entirely, while risk mitigation involves reducing the impact or likelihood of the risk.
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