Uncertainty
Uncertainty is a situation which involves imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown.
Definition
According to Management by Robbins and Coulter (14th edition),
- Uncertainty. A situation in which a decision maker has neither certainty nor reasonable probability estimates available.
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- Uncertainty. The possibility that an actual amount will deviate from an expected amount.
