The word “risk” comes from the ancient Italian risicare which means: “TO DARE”
In Chinese, the word “risk” is represented by two symbols: One means danger and the other one means opportunity.
The Study of Risks began in the Renaissance (17. Century)
People made decisions and predicted the future with the help of numbers!
Mathematicians transformed the probability theory into a powerful tool.
GANTT 1920s, Monte Carlo 1940s, PERT 1950-60s