Uncertainty

Situations involving imperfect or unknown information / From Wikipedia, the free encyclopedia

Dear Wikiwand AI, let's keep it short, summarize this topic like I'm... Ten years old or a College student

Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable or stochastic environments, as well as due to ignorance, indolence, or both.[1] It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, finance, medicine, psychology, sociology, engineering, metrology, meteorology, ecology and information science.

Situations often arise wherein a decision must be made when the results of each possible choice are uncertain.