Except the unavoidable error because of Observation Noise there areRisk is decomposed into Bias and Variance when loss is Mean Squared Error Bias2+Variance+(Noise)Bias^2 + Variance + (Noise)Bias2+Variance+(Noise)or generalized with Loss Function (integral of loss function) In other words, the expected loss of a predictor over the distribution of data.R(ϕ^)=E[l(ϕ^(X),Y)]R(\hat{\phi}) = E[l(\hat{\phi}(X), Y)]R(ϕ^)=E[l(ϕ^(X),Y)]Risk UsagesRisk ManagementContingencyEmergencyRisk Taking