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The University Partnership PlaybookHow to build strategic research relationships$
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Matt Reed and Joss Langford

Print publication date: 2021

Print ISBN-13: 9781789621266

Published to Liverpool Scholarship Online: January 2022

DOI: 10.3828/liverpool/9781789621266.001.0001

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Risk and Uncertainty

Risk and Uncertainty

(p.15) 5. Risk and Uncertainty
The University Partnership Playbook

Matt Reed

Joss Langford

Liverpool University Press

Research and innovation by their nature involve uncertainty: there are many possible outcomes from a particular activity or programme. An uncertainty only becomes a risk when one or more of the possible outcomes would lead to an unwanted event, a major loss, large downside, or other undesirable effect. Risk assessment methods generally distinguish between the two types of measure that a company, project, or team can apply to a given situation. There are control measures, which are designed to prevent an unwanted event occurring in the first place, and mitigation measures, which are designed to limit the adverse consequences of an unwanted event if it occurs. The analysis usually tries to quantify the outstanding risk in the presence of these control and mitigation measures.

Keywords:   Risk, Uncertainty, Research, Innovation, Control, Mitigation

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