SEP5848 - Integrated Innovation and Technology Management (2019)

"Uncertainty is different than risk. Risk is about futures to which probabilities can be reasonably assigned. Uncertainty is about futures for which a probability distribution cannot be determined. Companies deal with risk every day and know how to manage with it. Often, though, companies become paralyzed in the face of uncertainty and they often mistake uncertainty for risk. Uncertainty is inherent in the complex ecosystems companies operate in. It comes from the constant evolution of customer demand, from new technological possibilities and designs, from competitive surprises and from political, economic and social shifts. Managing this uncertainty, and turning it into risk which the company can readily deal with, is critical to a company’s future."

INNOVATION STRATEGY – DEFINING HOW YOU MANAGE UNCERTAINTY, June 2015 available at: https://www.theinovogroup.com/author/larry/