Explain How Uncertainty Management May Differ From Risk Management

What is uncertainty management? 

The basic theory of the uncertainty was presented by the William B. Gudykunst. There are a lot of chances of anxiety and uncertainty at the place of the work. With the help of this theory, William B. Gudykunst devised some important modes of the communication under the situation when someone is anxious and facing some uncertain conditions at the place of the work. Later on, some other theories like AUM and ART were also presented by the Berger and the Calabrese.

 
What is the risk management?

The risk management consists of the six important components. The first component is known as the identification of a problem. The second component is known as the analysis of that problem. The third component is known as the control over that problem. The fourth component is known as the transfer of the data. The fifth component is known as the reduction of the data and the last component is known as the assessment of that data. With the help of impressive risk management, the legislation becomes more strict and extensive than the before.

Difference between the uncertainty management and the risk management
No doubt, the uncertainty management and the risk management have their own importance in the field of the business, but we can’t relate the risk management to the uncertainty management. The basic difference between the risk management and the uncertainty management is given below;

1) The first difference between them is that there are two different meanings of the risk management and the uncertainty management. If we talk about the meaning of the risk management, then we come to know that it provides us with a probability that either we lose our precious thing or win it. On the other hand, if we talk about the meanings of the uncertainty management, then we come to know that it provides us such a situation where we are not aware of the occurrence of any event in the future.

2) If we are going to ascertain the uncertainty management and the risk management, then we will also find a clear difference between them. Its reason is that we can easily measure the risk management. On the other hand, it is almost impossible for us to measure the uncertainty management.

3) As we know that the basic aim of devising and implementing any kind of the management plan in the field of the business is to get the best outcomes. If we have implemented the risk management plan, then we are well aware of the chances of the outcomes. On the other hand, if we are implementing the uncertainty management plan, then we are not aware of the outcomes.

4) It is easy for us to control the process of risk management. On the other, if we talk about the uncertainty plan, then we come to know that it is almost uncontrollable for us.

5) If we are going to devise the risk management plan, then all the probabilities will be assigned to us. On the other hand, in the uncertainty management plan, these probabilities will not be assigned.