ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Uncertainty implies a situation where the future events are not known. It cannot be measured. Chances of outcomes are known. The outcome is unknown.
Detailed explanation-2: -Of course risk does include uncertain future events (we might call this stochastic uncertainty), but the risk process must also address other kinds of risk. What are they? Starting with the idea that risk is “uncertainty that matters”, we can ask what uncertainties might matter.
Detailed explanation-3: -Uncertainty refers to a condition where you are not sure about the future outcomes. Risk: We don’t know what is going to happen next, but we do know what the distribution looks like. Uncertainty: We don’t know what is going to happen next, and we do not know what the possible distribution looks like.