Include APA intext citation: Risk refers to situations where you have a clear understanding of the possible outcomes and their probabilities. For example, if you're rolling a six-sided die, you know there are six possible outcomes (1, 2, 3, 4, 5, 6), and each has a 1/6 chance of occurring. In project management, risks can be identified, quantified, and managed using various risk management strategies. Uncertainty, on the other hand, refers to situations where you don't know all the possible outcomes, or you don't know the probabilities of the outcomes. For example, if you're launching a new product, you don't know exactly how the market will react. You can make educated guesses based on market research, but there's still a level of uncertainty. In project management, uncertainties are harder to manage because they can't be quantified as easily as risks. In summary, while both risk and uncertainty involve a lack of surety about the future, risk is quantifiable and manageable, while uncertainty is less quantifiable and therefore harder to manage. References: Watt, A., Al, D. W. E., & Tap-A-Pm. (2014, August 14). 16. Risk Management planning. Pressbooks. Retrieved from https://opentextbc.ca/projectmanagement/chapter/chapter-16-risk-management-planning-project-management/Reference