Uncertainty
From Open Risk Manual
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Definition
Uncertainty is defined as the lack of knowledge. Any situation in which the current state of knowledge is such that: the order or nature of things is unknown; the consequences, extent, or magnitude of circumstances, conditions, or events is unpredictable; and, credible probabilities to possible outcomes cannot be assigned. Uncertainty can result from lack of information or from disagreement about what is known or even knowable.
- Quantitative definition: Measurement that characterizes the dispersion of values that could reasonably be attributed to a parameter.
- Qualitative definition: A general term that refers to the lack of certainty in data and methodology choices, such as the application of non-representative factors or methods, incomplete data on sources and sinks, or lack of transparency.
