Uncertanity And Risk Flashcards
1
Q
What is uncertainty
A
Exists when the outcome of a particular situation is impossible to predict
2
Q
What is risk
A
A concept where there may be a possible negative impact to some characteristics of value that may arise from a future event
3
Q
How can uncertainty occur
A
1) the market
2) the economy
3) the government
4) geopolitical events
4
Q
How do you deal with uncertainty
A
Contingency planning : an activity undertaken to ensure that steps will be followed b management in an emergency
