List of Contributions

I would like to disagree: There is "aleatoric risk", like throwing a dice where the possible outcomes are known with 1/6 probability. This is also called the "known unknowns". But there is also "epistemic risk", i.e. due to lack of knowledge the risk cannot be perceived and assessed. This is typically ...

Dear Bill Mc, Risk is generally defined as "probabilty x consequences", hence the consequences are included in the definition. The aspect of consequences as such however, is indeed not covered when discussing uncertainties and not either in discussing hazards. As a former member of the Swiss mirror ...

In daily language "risk" is connotated with hazard, whereas uncertainty is more neutral and includes also opportunities. This coincides with the meaning of the Latin word "riscare" which means sailing around a cape (i.e. risks of ship wrecking deliberately taken for the sake of entrepreneural rewards, ...