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How is Risk different from uncertainty??

<p>Uncertainty is a wide term that include in part of it the risk terminology.</p> <p>What differentiate risks from universities id that; Risks are uncertainties with defined impact and likelihood. so while uncertainties  fill a huge universal space, risks takes much less. </p> <p>the work of risk managers is to turn uncertainties  into risks that can be managed </p>

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تم إضافة السؤال من قبل Nancy Refai , Health, safety and environmental management Trainer and consultant , Freelancer
تاريخ النشر: 2014/11/18
Nancy Refai
من قبل Nancy Refai , Health, safety and environmental management Trainer and consultant , Freelancer

Uncertainty is a wide term that include in part of it the risk terminology. What differentiate risks from universities id that; Risks are uncertainties with defined impact and likelihood. so while uncertainties fill a huge universal space, risks takes much less. the work of risk managers is to turn uncertainties into risks that can be managed

Ali Sheikh
من قبل Ali Sheikh , Assistant Manager , Royal Bank of Scotland

Risk refers to the situation where probabilities can be assigned to a range of expected outcomes arising from an investment project and the likelihood of each outcome occurring can therefore be quantified. Uncertainty refers to the situation where probabilities cannot be assigned to expected outcomes. 

Usman Islam
من قبل Usman Islam , Logistics And Warehouse Manager , Kirtanlal Scaffolding & Formwork

in simple words, risk is defined as known unknown where as uncertainty is unknown unknown. 

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