Business involves risk and uncertainty. Explain.
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Question:
Business involves risk and uncertainty. Explain.
Answer:
Business risk implies uncertainty in profits or danger of loss and the events that could pose a risk due to some unforeseen events in future, which causes business to fail. ... Internal risks arise from factors (endogenous variables, which can be influenced) such as: human factors (talent management, strikes)
Explanation:
Risk is the situation under which the decision outcomes and their probabilities of occurrences are known to the decision-maker, and uncertainty is the situation under which such information is not available to the decision-maker.
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