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Define the term risk in risk management.
Risk:
It is the probability or chance of something which may or may not arise; this is something that can be quantified by using standard deviation.
Uncertainty:
It is something that cannot be predicted along with statistical confidence, normally because of insufficient information.
Q. Use of Operational approach in development process? It has been defined as the application of scientific methods, technology and tools to operation of system with optimum s
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