Complexity curricula video 11: Risk and uncertainty

This video explains the critical distinction between risk and uncertainty. Decision-makers often navigate their options by assessing risk—by plotting the probabilities, costs, and benefits of different outcomes and deciding accordingly. But the world is increasingly characterized by situations in which the range of possible outcomes and their probabilities are virtually impossible to estimate. This video discusses the situations in which traditional risk management approaches will and will not work.

Produced and narrated by Dr. Michael Lawrence.

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