Final answer:
Objective Risk is the measurable variation in uncertain outcomes, relying on quantifiable data and factors affecting the measurement. It is distinct from subjective risk, which is based on personal judgment and perception.
Step-by-step explanation:
The variation in uncertain outcomes based on facts and data refers to Objective Risk, which is the measurable variation that can be quantified and analyzed using statistical methods. Unlike subjective risk, which is based on personal judgment and perception, objective risk deals with numerical data and measurable factors such as the skill of the person making the measurement, irregularities in the object being measured, and factors that affect the outcome.
For instance, the uncertainty in a measurement might arise from several sources, including the precision of the measuring tool (like the smallest division on a ruler), the user's ability to make accurate measurements (perhaps affected by eyesight), and inherent variations in the item being measured (like one side of a paper being longer than the other).
Measurements always come with some degree of uncertainty, and the goal is to minimize this as much as possible. In understanding data spread, we look at concepts like measurement variability, natural variability, induced variability, and sampling variability, which help us comprehend why differences in outcomes may occur.