Uncertainties are the risks for which analysis is impossible by virtue of the fact that they are either a 'one-off' event or because their occurrence does not follow an apparent pattern of events.
The Probability of Occurrence or the chance that an event may take place is defined as the number of occasions a particular event will occur in an infinitely large number of independent events. It is always in the range of Zero to One.
The deviation in actual from expected outcome is a measurement of the degree of variation between expected and actual outcome
Classification of risks: Personal, Property or Liability Risk - Physical, Social or Market Risk - Pure or Speculative Risk - Static or Dynamic Risk - Fundamental or Particular Risk
Personal, Property or Liability Risk - Personal : Potential loss to the persons, Property : Potential loss to the property, Liability Risk: Potential liability for any individual or institution
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