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Uncertainty and Risk
Management
Risk is present in every strategic decision due to, among other factors, the long timelines involved
in strategic projects. There are several denitions of risk and they vary by application and situation
and so is the case with uncertainty. In fact, risk and uncertainty are incorrectly used interchange-
ably to describe lack of clarity, predictability, and potential for loss. Also, risk management and
contingency planning are considered the same. The prevailing view is that risk is a problem that can
be avoided or mitigated, while another view describes risk as a situation that could lead to adverse
consequences ...