We are “uncertain” as to whether the current or future reality is better or worse (than the observed or estimated value of an Attribute) and, by how much it differs
The reason behind the uncertainty could be either the expected, known variance in the results, or it could be the Product-Value (accuracy, reliability, precision and relevance) of the measuring or estimating method, or both.
“Deviation, “±” and Doubt, “?”.”
An uncertainty becomes a “risk” when it implies a potential that a future Result will be negative in relation to a planned or estimated target. (I am well aware of the field definitions used in Economics for Risk and uncertainty [BERNSTEIN96], and the history of making a distinction (for example, the Work of Frank Knight and J. M. Keynes). However, the definitions here are tailored to System Engineering purposes, rather than Economics.)
This Concept entered by Adore.
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