Which term describes uncertainty that has an effect on an objective, where outcomes include opportunities, losses, and threats?

The term that best describes uncertainty affecting an objective, where the potential outcomes include opportunities, losses, and threats, is risk. In a business context, risk encompasses the possibility of negative events leading to losses, as well as the potential for advantageous situations. It represents the dual nature of uncertainty, acknowledging that while threats may impact goals negatively, there are also opportunities that can be seized if managed correctly.

In contrast, the other terms do not fully capture this duality. A threat specifically refers to potential adverse outcomes without acknowledging any associated opportunities. Uncertainty itself describes a lack of definite knowledge but doesn't imply potential outcomes. Liability pertains to legal responsibilities and obligations, which do not relate to the concept of risk in the context of uncertainty affecting an objective. Thus, risk is the most comprehensive term for the scenario presented.