Just found this fabulous post in the Atlantic Monthly blog
…risk “describes a situation where you have a sense of the range and likelihood of possible outcomes. Uncertainty describes a situation where it’s not even clear what might happen, let alone how likely the possible outcomes are.” Risk is an everyday part of business. But a deep recession ups the ante of unknowns so high that instead of calculated risks, managers are faced with actual uncertainty. And like sailors facing a dark, unpredictable storm, the typical response is to batten down the hatches, reef the sails, and just try to ride it out.
You can read the full post by Lane Wallace here.