Discussion - What is risk,  Carl Pritchard

Discussion 

(1) What is risk?  Carl Pritchard writes that “[a]lthough the terms risk and uncertainty are often used interchangeably, they are not the same.”  Weber, however, in the assigned article, states that “the oft-echoed distinction between uncertainty and risk ceases to demarcate the frontier of risk management.”  In your thread, provide a definition of risk and discuss the difference between risk and uncertainty.  Then, discuss how risk managers use the basic risk concepts discussed in this week’s assigned reading to identify and categorize risk. 

300-400 words you must support your assertions with at least 2 scholarly citations in Bluebook format.  Any sources cited must have been published within the last five years. Acceptable sources include peer reviewed journal articles, and the Bible, etc.