Risk And Uncertainty in Sinhala

අවදානම හා අවිනිශ්චිතතාවය 

Risk And Uncertainty

Economic Decision Making Is Not An Easy Task Under Risk And Uncertainty. Therefore The Economic Agents(Importers,Households Etc)Need To Have An Understanding About The Risk And Uncertainty And The Relationship Between The Among  Them To Make Decision.

Risk - Uncertainty Concerning A Loss(සැකයක් නොමැතිකම)

Uncertainty – A Risk Of Being Lack Of Doubt(අලාභයක් ගැන අවිනිශ්චිතය)

                                                               

Main Characteristics Of Uncertainty

1. Cannot List All Possible Outcome.

2. Cannot Assign Probability To The Outcomes.

Relationship Between Risk And Uncertainty

1.Both Concepts Deal With The Probability Of Loss Or The Chance Of Adverse Outcomes.

2.Risk Is Defined As Unknown That Have Measurable Probabilities. Uncertainty Involves Unknown     With No  Measurable Probabilities Of Outcome.These Concepts Are Related, But Not The Same.

Meaning

Risk – The Probability Of Winning Or Losing Something Worthy Is Known As Risk.(වටිනා දෙයක් අහිමිවීමේ සම්භාවිතාව අවදානමක් ලෙස හැදින්වේ.) 

Uncertainty – Uncertainty Implies A Situation Where The Future Events Are Unknown.(අනාගත සිදුවීම් නොදන්නා තත්වයකි)

Different Between Risk And Uncertainty

1    Risk – It Can Be Measured.(මැනිය හැකිය)

Uncertainty - It Can’t  Be Measured.

2    Risk – Chances To Outcomes Are Known.(ප්‍රතිඵලය දනී)

Uncertainty - Chances To Outcomes Are Unknown.

3    Risk – Controllable.(පාලනය කල හැකිය)

Uncertainty -Uncontrollable.

4    Risk – Can Be Minimized.(අවම කල හැකිය)

Uncertainty – Can’t Be Minimized.

5     Risk – Probability Is Assigned.(සම්භාවිතාව බලපායි)

Uncertainty – Probability Is Not Assigned.

Types Of Risk

1.Absolute Risk(නිරපේක්ෂ අවදානම)

2.Relative Risk(සාපේක්ෂ අවදානම)

Measurement Of Risk

1.Expected Value(අපේක්ෂිත අගය)

2. Measurement Of Absolute Risk

3. Measurement Of Relative Risk

Decision Making Under Risk

1. Attempt To Maximize Expected Value(අපේක්ෂිත අගය උපරිම කිරීමට)

2. Attempt To Minimize Variation And Standard Deviation Of Possible Outcomes.(විචලතාවයෙන් හා සම්මත අපගමනයෙන් ලැබෙන ප්‍රතිඵල අවම කිරීමට)

3.Minimize Coefficient Of Variation(විචලතා සංගුණකය අවම කිරීමට)

4.Incoperate Risk Attitudes (සහභාගීත්වය අවදානම් ආකල්ප)

5.Maximize Criterion(නිර්ණායක උපරිම කිරීම)

Risk Attitudes Of Decision Makers

1.Risk Aversion(අවදානමට මැලිකමක් දක්වයි)😬

2.Risk Neutrality(අවදානම මධ්‍යස්තයි)😐

3.Risk Seeking(අවදානමට කැමැත්තක් දක්වයි)😊