Degree of Uncertainty

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Measurement of uncertainty along a continuum. One end represents uncertainties that are resolved (made certain or close enough). The other end represents uncertainties, where obtaining the facts is impossible or too expensive.

Example: High uncertainty exists if a company sees an opportunity for a new product but has no experience with the market, the type of product, and the key technologies. Whether the company would be successful in developing and launching this product is highly uncertain.

Note: Often, the degree of uncertainty is subjectively rated on a scale of 1 (extreme uncertainty, meaning little to no information) to 5 (complete certainty, meaning almost complete to total information). The degree of uncertainty applies only to the likelihood of something
occurring or being true; it is different from the Degree of Risk.

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