Uncertainty is the margin of error. It is given by a range of values likely to enclose the true value. For graphical analysis, uncertainty is denoted by error bars on a graph. For written situations, a number followed by “±” symbol followed by a number denotes the uncertainty of the first number. For example, 4.3 ± 0.2. This means the correct answer is between 4.1 and 4.5. Uncertainty will arise in partially observable environments, as well as due to ignorance and/or indolence.
Uncertainty is not only used in physics laboratory experiments. It has a wind range of applications such as dealing with investments in the financial markets, uncertainty designed into games, scientific modeling, weather forecasting to name a few. Uncertainty is determined with respect to what application it is measuring. Each application is determined a slightly different way.
Although uncertainty is used in various ways, specialists in decision theory, statistics and other quantitative fields have defined uncertainty, risk and their measurement as, uncertainty, measurement of uncertainty, risk and measurement of risk.
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