The difference between Risk and Uncertainty are as follows:
Risk
- Definition: Risk can be defined as the chance that some unfavorable events will occur.
- Probability distribution: Risk refers to a set of unique outcomes for a given event which can be assigned probabilities.
- From: Risk is formed by information with a probability distribution.
- Measure: Measured by a statistical concept.
- Tools: Measurement tools are standard deviation and variance.
- Income: Risk is related to income.
- Avoidance: Risk is avoidable.
- Insurance: By insurance, it can be.
- Control: It can be controlled
- Risk Mgt: Risk Mgt. is required to avoid it.
Uncertainty
- Definition: If no information is available to formulate the probability distribution of the situation is known as.
- Probability distribution: Probabilities cannot be assigned in case of uncertainty.
- From: It is formed by no information with probability.
- Measure: It cannot be measured.
- Tools: There is no tool for measurement.
- Income: It is related to income.
- Avoidance: It is unavoidable.
- Insurance: It is no insurable.
- Control: It is not controllable.
- Risk Mgt: Risk management is not.
