A concept similar to probability. The uncertainty present in a particular situation. The chance that the reality will be different than the predicted outcome.
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probable variation of actual experience from expected experience
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The amount of uncertainty that exists in a given situation. For instance, if one has chosen heads in the flip of a coin, the degree of risk present is 50%, since there is a 50% chance any flip of the coin will come up tails. Refer “Law of Large Numbers” and “Probability.”