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Connector new product development process

In the process of new product development, risk control needs to be considered in advance. There are four basic approaches to risk control: risk avoidance, loss control, risk transfer, and risk retention.

Connector new product development process

Risk avoidance is the intentional abandonment of risky behaviors by investment entities to completely avoid specific loss risks. Simply risk aversion is the most negative way to deal with risk, because investors often give up potential target returns at the same time they give up risky behavior. Therefore, this method is generally used only in the following situations: 1. The investment subject is extremely averse to risk. 2. There are other solutions that can achieve the same goal, and the risk is lower. 3. Investment entities are unable to eliminate or transfer risks. 4. The investment entity is unable to bear the risk, or the risk cannot be adequately compensated.

Loss control is not abandoning risk, but making plans and taking measures to reduce the possibility of loss or to reduce actual losses. The control stage includes three stages before, during and after. The purpose of ex-ante control is mainly to reduce the probability of loss, and ex-post and ex-post control is to reduce the actual loss.

Risk transfer refers to the act of transferring risk to others through contracts. Risk transfer can sometimes reduce the degree of risk of economic entities. The main forms of risk transfer are contracts and insurance.

Risk retention is risk taking. In other words, if a loss occurs, the economic entity will pay with any funds available at the time. Risk retention is divided into unplanned retention and planned self-insurance.

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