Risk and Uncertainty
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What is risk? How does risk differ from uncertainty? How does it impact a business?
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Solution Summary
This excerpt explains how risk differs from uncertainty and impacts businesses.
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According to freedictionary.com, risk is defined as "the possibility of suffering harm or loss; danger," and as some say, "exposure to the consequences of uncertainty," and "always involves the [undesirable] assumption of monetary liability," with the exception of those instances where money is not involved in business transactions. It is more so focused around ...
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