A situation in which a decision maker has neither certainty nor reasonable probability estimates available, is called uncertainty.


Webster Dictionary Meaning

1. Uncertainty
- The quality or state of being uncertain.
- That which is uncertain; something unknown.
Share it:  Cite

More from this Section

  • Role of Manager
    As a manager attempts to perform the management job, there are some roles required of ...
  • Visionary leadership
    Although the term vision is often linked with charismatic leadership, visionary leadership ...
  • Strategic business unit
    An adaptation of the divisional structure in which various division or parts of divisions ...
  • Remote Environment
    Economic, social, political, technological, and ecological factors that originate beyond, ...
  • Franchising
    A special form of licensing is franchising, which allows the franchisee to sell highly ...