Treating risk as an outcome component conflates the epistemic status of uncertainty with the metaphysical content of what actually obtains, a category error Luce and Raiffa's 1957 analysis explicitly warns against.

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Category error(as used in logic and philosophy of language): A logical mistake where you apply a rule or concept to something it doesn't actually fit, like using a math formula on a poem.
Epistemic status(in epistemology (the study of knowledge)): How certain or justified we are in believing something is true. It's asking: 'Do we really know this, or are we just guessing?'
Luce and Raiffa(cited as the source of the warning about confusing uncertainty with outcomes): Two mathematicians (Duncan Luce and Howard Raiffa) who wrote an influential 1957 book about decision-making and risk analysis that's still considered foundational.
Risk as an outcome component(the specific way of thinking that the statement says is problematic): The idea that risk is just a part of what actually happens (an outcome), rather than something about our uncertainty or lack of knowledge.

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