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<p>Uncertainty is a wide term that include in part of it the risk terminology.</p> <p>What differentiate risks from universities id that; Risks are uncertainties with defined impact and likelihood. so while uncertainties fill a huge universal space, risks takes much less. </p> <p>the work of risk managers is to turn uncertainties into risks that can be managed </p>
Risk refers to the situation where probabilities can be assigned to a range of expected outcomes arising from an investment project and the likelihood of each outcome occurring can therefore be quantified. Uncertainty refers to the situation where probabilities cannot be assigned to expected outcomes.
in simple words, risk is defined as known unknown where as uncertainty is unknown unknown.
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