* Risk *, the *probability* or chance of * loss * is an existential reality. Risk lurks in the existence of all entities. Consequently, its absolute elimination is always elusive. The elusiveness of Risk perpetuates Risk, thus leaving only the reduction of Risk as an existential possibility. *Best Risk* is realized when the * gain in Risk reduction* equals zero.

What is a *loss*? A *loss* is a *change that impacts the existential state of an entity negatively *. Consider an entity *X* who owns a property *y*. Suppose *y* is stolen, then there is a *change* in the existential state of X with respect to the ownership of *y*. If *X* values *y*, then a *loss* has occurred in the mathematical sense. If *X* does not value *y*, then a *loss* has occurred in the ordinary sense. In other words, the mathematics of *loss* entails *valuation*. This occurrence of *loss* in the mathematical sense is what is meant by the *risk-view of loss*. In the *risk-view of loss*, *valuation* is quantifiable and reduces after the occurrence of a *loss-event*.

A *loss* is not always permanent. It can be temporary. For example, *y* can be returned in tact to *X* (e.g. the *Lost And Found Units* of businesses are established to foster temporary losses). The flunctuations of the values of stock prices are examples of temporary losses.

The *risk-view* of *loss* entails *probabilities of loss *. *Probability* measures the *likelihood* of the occurrence of an event. This *likelihood* is *mapped* into a set of numbers that has 0 as its minimum and 1 as its maximum. A probability of 0 implies certainty of non-occurrence of the event. A probability of 1 implies certainty of occurrence of the event. In between these boundary probabilities are the other probabilities of the occurrence of the event. The need for *probability* is due to the probabilistic nature of many *loss-events* that are not describable by deterministic models.

*Best Risk * analysis for risk scenarios require comprehensive understanding of the occurrence of events within the framework of Pj Problems so that occurence probabilities of *loss-events* and the *severity* of losses can be optimally estimated.

All entities exist in risky spaces in so far as *life *, *health* and *property* are existential assets subject to *loss*. In the final analysis, the *risk-view of loss* seeks to mitigate the negative impact of existential loss when *loss-events* occur.