uncertainty and risk
What are your opinions on uncertainty and risk Words are flexible, and their meaning is not always fixed. Scientists can adapt the meanings of words to their needs, as long as everybody understands what they are talking about, in their branch of research. But as people face up with the need to use one or another word out of scientific exposures they find it different meanings and at the same time come up to the confusion of the right use of this word and it complete reflection of the definite mind. The words ¥uncertainty' and ¥risk' lead us to think about it same meaning, however there is a great distinction unawareness of which may result in conceptual problems and inconsistencies. The simplest and most obvious difference in these terms is that risk is measurable randomness with knowable probabilities when uncertainty tends to be unmeasurable randomness with unknowable probabilities. Some probability distribution can be used to describe the risk and it can be managed and perhaps hedged at a time when uncertainty is compared with animal spirits having very strong information asymmetry and being perceived by an object only.
One of them is described below on example. It is when the decision involves consequences for the decision maker we faces a situation of risk. This probability of occurrence may be unknown, or may have a distribution of possible values. Uncertainty has a quite different nature. As for uncertainty it can be revised from several sides but in all cases it is expressed as a calculated or estimated confidence interval around a predicted value or outcome. The less it varies the minor the risk. In addition, the assessment of outcomes by stakeholders also involves uncertainties, as stakeholder perceptions, values, and priorities may shift over time. When we face up the decision making and posses certain historical data V this is risk. Stochastic uncertainty implies those events that are largely random, unpredictable, and uncontrollable, such as lightning-caused ignitions or random changes in species populations. Each of the factors is associated with specific uncertainties. In any way we are interested in the probability of success. The risk is expressed by the product of the opportunities. We are interested in the probability of success. When we have no historical data but we know fairly well all the options (e.
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