02.03 |【03】| What is uncertainty ?
⚠ Decision maker should know that…
ℹ Risk ≠ Uncertainty
ℹ Risk…
✅
quantifiable
✅ associated probabilities — known
✅
use of financial modelling — feasible
ℹ Uncertainty…
❎
unquantifiable
❎ associated probabilities — unknown
❎ use of financial modelling — unfeasible
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