02.02 |【02】| What is risk ?
⚠ Decision maker should know that…
ℹ Risk ≠ Uncertainty
potential for loss
✅ chances of a bad thing happening OR a good thing not happening
quantifiable — measurable — understandable — manageable
✅ associated probabilities — known
use of financial modelling — feasible
unsure of the outcomes — future events largely unknown
❎ unquantifiable — immeasurable — uncontrollable
❎ associated probabilities — unknown
❎ use of financial modelling — unfeasible
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