difference between risk and uncertainty

Managers, most business decisions are made under conditions of either risk or uncertainty. What is the difference between risk and uncertainty (please cite your sources)? In your opinion, is it easier to make a decision under a condition of risk or a condition of uncertainty? Why? Give an example from your experiences to support your answer.

Discussion # 2
When talking about capitalization – key word, the decision making process includes seven steps.

What are the seven steps? Can anyone give us an example of each?

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