Risk management - close the border

 In risk management, we have to consider the cost of risk of the various options.

For example, we can close the borders to stop infected people from coming into Singapore and spreading the virus.

However, this option will harm the tourism trade and the livelihoods of many people and businesses in the trade. It will also cause damage to the rest of the economy.

A risk management approach tries to quantify the cost of risk of the various options.

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