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Risk – A state of uncertainty that can result in consequences that may be positive or negative in impact. If there is no meaningful impact, then there is no risk. Sometimes the term risk is used to describe only negative consequences, and opportunity to describe only positive consequences.

Example: We know our unit cost is $99, but we don’t know the maximum price a customer is willing to pay. If it is more than $99, we can cover our costs and maybe make a profit (positive impact). If the maximum price is $99 or less, we will lose money (negative impact).

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