Risk and Uncertainty
Is risk a synonym for uncertainty? The thesaurus in Microsoft Word suggests that it is and a Google search confirms it however, when thinking about managing supply chains, there are a different set of actions for risk than those taken to address uncertainty. The primary supply chain actions to reduce risk involve alternate sourcing, inventory and supplier selection criteria whereas actions to remove uncertainty involve data. If they really are the same, the risk reduction approach should be the same. Paraphrasing...