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This paper aims to clarify the distinction between risk and uncertainty, along with related constructs, in decision making.

January 23, 2026Open Access

Distinguishing Risk, Uncertainty, and Related Constructs in Decision Making: A Conceptual and Mathematical Examination

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Conceptual and mathematical examination distinguishes risk and uncertainty, suggesting clearer decision making.

This paper aims to clarify the distinction between risk and uncertainty, along with related constructs, in decision making.
Conceptual analysis of risk, uncertainty, ambiguity, and probability.
Mathematical examination using numerical applications.
Review of existing literature on the overlap of these concepts.
88.3% of articles fail to distinguish between risk and uncertainty.
Clarification of constructs can lead to better decision outcomes.
Improved understanding may reduce errors in literature and research conclusions.

El-Sayed, Hassan, Ph.D. (2026) studied this question.

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