Uncertainty

depending on a particular scenario. It is important to take into account that uncertainty is a crucial factor of risk assessment. Thus, scenarios should be modeled according to the type of uncertainty involved: stochastic or epistemic. According to Aven (2010), all uncertainties are epistemic. However, for the purpose of analysing uncertainties and risk, models are introduced based on variations in populations (stochastic uncertainty). As result, these models can be analysed using statistical…

isn’t complex enough to deal with larger firms facing more uncertainty, as a worse performance only leads to more uncertainty and exposes the company to further risks it will struggle to quantify, such as competitor performance. Grafton and Widener (2010) explains that a financial target or budget based approach is suitable in smaller firms, where managers are often the shareholders, the firm faces less internal and external uncertainty, presumably as there are less agency issues and fewer…

Managing Demand Uncertainty to achieve Inventory Productivity in FMCG Supply Chain Background Over the recent years, FMCG industry has realized the significance of adaptation to various shoppers’ needs. Apart from quality, consumers demand variety, availability and freshness of products [1]. Meanwhile, they are highly price sensitive due, inter alia, to constraints on purchasing power, availability of substitute products on the market, promotional offers and competitive pricing strategies of…

metaphor, and rhetorical questions to make the reader reflect in a scientific way. To set the stage, Barry starts off by structuring his first paragraph anaphorically to give the reader two choices: the path of “certainty” or the path of “uncertainty.” By doing this Barry creates a contradicting statement forcing the reader to think which path they belong to. As the reader reflect upon that Barry leads into the next paragraph describing…

This dimension focuses on how well a culture can adapt to change and how well they can cope with uncertainty. If there is a feeling of anxiousness about change, then that society may feel threatened. In his book, DeVito (2016) stated: A culture with a high ambiguity-tolerant culture doesn’t feel threatened by unknown situations; uncertainty is a normal part of life, and people accept it as it comes. They minimize the importance of rules governing communication and relationships. People in these…

other firm is doing. However, the assumption that uncertainties does not exist in the Cournot model is misleading. In practice, it is naïve to believe firms will not react to changes in the market, therefore leaving the assumption of zero conjectural variation false. To solve the Cournot…

vaporisation of nitrogen. This is within the accepted value of 199 kJkg¯¹ [1] but the uncertainty is very large which could have been minimised…

leaving the researcher with no hope of ever retrieving it. Therefore, the uncertainty of the path taken while conducting scientific research is evident due to the precision and attention it requires. Barry also argues that “even the least ambiguous [scientists] deal with the unknown,” implying that there is no way you can avoid dealing with the mystery and risk that is engrained in the field, leading to the conclusion that uncertainty in science is inevitable. In addition, the passage also…

into foster homes. The play is divided into three distinct time periods, pre-war, war and post-war and intermixes them through out. The play is told from the point of view of Eva, who in the beginning was just a child who faced with a lot of uncertainty as her parents struggle with the decision to send her away from Germany. The second period of the play takes place during the war, where Eva is living in UK with Lil and trying to adjust to living in a new country where she doesn’t speak the…

make a decision, but it is the unknown; the things we cant account for that help one draw a conclusion. Literary works from different time periods help show that knowledge is important, but uncertainty is what helps people make their decision. Three women, Story of an Hour, and Dream children all have uncertainty within them, but it is uniquely applied to each story overall helping the characters make decisions. Three women written by Simon J. Ortiz, is like a jigsaw puzzle that has a few…