MANAGEMENT

Detailed explanation-1: -Risk refers to decision-making situations under which all potential outcomes and their likelihood of occurrences are known to the decision-maker, and uncertainty refers to situations under which either the outcomes and/or their probabilities of occurrences are unknown to the decision-maker.

Detailed explanation-2: -Risk Versus Uncertainty. Risk, as it is generally understood by health and safety risk analysts, measures the probability and severity of loss or injury. Uncertainty, on the other hand, refers to a lack of definite knowledge, a lack of sureness; doubt is its closest synonym.

Detailed explanation-3: -Uncertainty is sometimes assigned to three broad categories: aleatory, epistemic and ontological uncertainty.

Detailed explanation-4: -Uncertainty is a state of doubt about the future or about what is the right thing to do.