Differentiating between risk and uncertainty

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Reference no: EM1337992

1. The difference between risk and uncertainty is:

A There is no difference, they are the same.

B Uncertainty occurs when we are not certain of the outcome, risk occurs when we are certain of the outcome.

C Uncertainty occurs when we are uncertain of the outcome, risk occurs only when the outcome is known and we can gain money on a positive outcome.

D Uncertainty occurs when we are not certain of the outcome, risk occurs when we are uncertain of the outcome and we can lose money on a negative outcome.

2. Risk can be defined as:

A The cumulative effect of the chances of uncertain occurrences adversely affecting projective objectives.

B Positive events that are the direct results of all risk events.

C The combination of the probability of an abnormal event or failure and the consequences of that event or failure to a project's success or system's performance

D Both 1 & 3.

E None of the above.

Reference no: EM1337992

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