MANAGEMENT

Detailed explanation-1: -In communications, the concept “risk” generally refers to uncertainty about the realization of harm by, for example, mentioning probabilities and expected values (Aven & Renn, 2009). In itself, the concept of risk implies uncertainty.

Detailed explanation-2: -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-3: -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. At times, these terms are confused.

Detailed explanation-4: -Risk refers to situations in which probabilities targets can be identified for possible results. In. other words it can be quantified. Instead, uncertainty refers to situations or events about which there is. sufficient information to identify objective probabilities.

Detailed explanation-5: -Risk is the Effect of Uncertainty on Objectives. According to ISO 31000, risk is the effect of uncertainty on objectives.