What is the risk involved in doing X?

Risk is defined as uncertainty based on a well grounded (quantitative) probability. Formally, Risk = (the probability that some event will occur) X (the consequences if it does occur). Genuine uncertainty, on the other hand, cannot be assigned such a (well grounded) probability. Furthermore, genuine uncertainty can often not be reduced significantly by attempting to gain more information about the phenomena in question and their causes. (Andersen et. al.: Modelling Society’s Capacity to Manage Extraordinary Events, 2004.). An excellent and very easy-to-read article about the relationship between risk, probability, and uncertainty can be found here: