This paper is inspired by the work of Professors Heinz Wilsdorf and Do
ris Kuhlmann-Wilsdorf on fundamental aspects of ductile fracture mecha
nism. Risk - a measure of the probability and severity of adverse effe
cts - is introduced and related to the consequences associated with el
astic (reversible) deformation, plastic (irreversible) deformation, an
d catastrophic deformation (total failure). Cost-benefit-risk trade-of
f analysis is discussed.