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In this study firstly, the relationship between risk and risk management was investigated by examining concepts such as probability, ambiguity and decision making. The development of risk management in the USA in the 1950s aimed the protection of people and goods with minimum loss. Such management techniques intended to minimize losses with lowest cost while protecting an organization's profit making power by planning, organization, management and control of necessary resources and activities. Afterwards the processes of risk management such as identification, evaluation and assessment of the risk, alternative risk correction devices, selected alternatives, evaluation and control were examined. [ABSTRACT FROM AUTHOR]