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Uncertainty: the lack of perfect knowledge in the conditions of a project
Uncertainty Analysis: Investigation of the potential consequences of project uncertainties.
Risk analysis: particularization of uncertainty analysis where the consequence is undesired (Damage)
Opportunity: particularization of uncertainty analysis where the consequence is desired (Windfall)
Kaplan & Garrick, 1981, On the quantitative definition of Risk:
"In analyzing risk we are attempting to envision how the future will turn out if we
undertake a certain course of action (or inaction). Fundamentally, therefore, a risk analysis
consists of an answer to the following three questions:
Why are we ussualy focused on risks rather than on opportunities?
Quantitative uncertainty analysis:
Short url: https://clilstore.eu/cs/9177