Explain How Would You Define Risk And Uncertainty As Separate But Related Factors In Decision Making

Decent Essays
HCAP 4200 – Chapters 17, 18, & 19 Assignment
1.How would you define risk and uncertainty as separate but related factors in decision-making?

Most healthcare leaders will undergo risk and uncertainty, when decision-making. These decisions will take place in policy changes, budgeting, operation, managerial task, and employee involvement. Since these two terms are a mirror image of each other, McConnell explains, “There are always elements of risk and uncertainty in a decision-making situation” (McConnell, 2015). Risk is defined as the chance of something lost, such as; time, money, effectiveness, or life itself, depending on decision-making, whereas, uncertainty having no guarantee of the outcome based upon the decision (McConnell, 2015).

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