Uncertainty

Definition

Uncertainty refers to a lack of knowledge or predictability about a situation or outcome, resulting in the inability to determine the likelihood of different outcomes.

Related terms

Risk:

Refers to a situation where the probabilities of different outcomes are known.

Ambiguity: Describes a situation where there is uncertainty but also a lack of information or clarity about the available options.

Decision-making under uncertainty: The process of making choices when there is limited information or knowledge about potential outcomes.