Risk
and Uncertainty
Difference
between risk and uncertainty can be analyzed in term of available information
and measurement.
1. Available Information
Risk
is based on the available information, while uncertainty there is no sufficient
information available about the future outcome.
2. Measurement
Risk
can be measured in terms of probabilities because sufficient information is
available for expected outcome, while uncertainty cannot be measured or predict
with reliability. Therefore no probability can be set for uncertainty.
