Simpler Frank Knight

Maybe I'm naive, but I thought good managers understood that point very well. You never know exactly how things evolve, but you make estimates (uncertainty) and add sensitivity analysis to figure out how badly things would go if your estimate turns out to be wrong (ambiguity). But I have a feeling that true risk management (giving ambiguity more than lip service) is neither appreciated nor rewarded. All we want is a model output that gives us the answer we wanted in the first place. But that`s not risk management by any means...