Uncertainty one calls a consciously noticed lack of security. An actual lack of security is called also danger.

Uncertainty in the decision theory

In the decision theory with uncertainty future environmental conditions are described, for which no probabilities to be present. Uncertainty is divided thereby into uncertainty, risk and Unwissen. With the uncertainty the possible effects are well-known, one had however not information to the probability of entrance. With the risk the probability of entrance is well-known, not however the time as additional information. With the Unwissen also the effects of the examined action alternatives are not completely well-known. The decision theory offers different methods for the decision under uncertainty, decision under uncertainty and decision under risk.

Source: W. Mueller: Risk and uncertainty! In: Wittmann, W., core, W., charcoal burner, R., H. - U. & Wysocki, K. (Hrsg.): Hand dictionary of the marketing and management, volume 3. /5. Aufl., Stuttgart: Poeschel, 1993

Articles in category "Uncertainty"

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