MANAGEMENT

Detailed explanation-1: -Risk is when the probabilities of the possible outcomes are known (such as when tossing a coin or throwing a dice); uncertainty is where the randomness of outcomes cannot be expressed in terms of specific probabilities.

Detailed explanation-2: -Definition: Risk implies future uncertainty about deviation from expected earnings or expected outcome. Risk measures the uncertainty that an investor is willing to take to realize a gain from an investment. Description: Risks are of different types and originate from different situations.

Detailed explanation-3: -Definition. 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-4: -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-5: -: possibility of loss or injury : peril. : someone or something that creates or suggests a hazard. 3. : the chance of loss or the perils to the subject matter of an insurance contract. also : the degree of probability of such loss.