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Term | Main definition |
---|---|
risk |
effect of uncertainty
Note 1 to entry: An effect is a deviation from the expected – positive or negative. Note 2 to entry: Uncertainty is the state, even partial, of deficiency of information related to, understanding or knowledge of, an event, its consequence and likelihood. Note 3 to entry: Risk is often characterized by reference to potential events and consequences, or a combination of these. Note 4 to entry: Risk is often expressed in terms of a combination of the consequences of an event (including changes in circumstances) and the associated likelihood of occurrence.
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