Abstract
In the article the author considers and analyzes operations and functions on risk variables. She takes into account the following variables: the sum of risk variables, its product, multiplication by a constant, division, maximum, minimum and median of a sum of random variables. She receives the formulas for probability distribution and basic distribution parameters. She conducts the analysis for dependent and independent random variables. She proposes the examples of the situations in the economy and production management of risk modelled by these operations. The analysis is conducted with the way of mathematical proving. Some of the formulas presented are taken from the literature but others are the permanent results of the author.