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.