Skip to main content

Measures of Uncertainty (in Decision-Making)

  • Chapter
  • First Online:
Uncertainty in Strategic Decision Making
  • 298 Accesses

Abstract

Applies the logic of ‘in order to (try to) manage something, first it must be measured’. Argues the importance of measuring the various characteristics and impacts of uncertainty. Describes approaches, limits, and both conceptual and practical measures.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 119.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 159.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Adobor, H. (2006). Optimal trust? Uncertainty as a determinant and limit to trust in inter-firm alliances. Leadership & Organization Development Journal, 27(7), 537–553.

    Article  Google Scholar 

  • Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., & Thwaites, G. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274.

    Article  Google Scholar 

  • Arend, R. J. (2022a). The costs of ambiguity in strategic contexts. Administrative Sciences, 12(3), 108.

    Article  Google Scholar 

  • Arend, R. J. (2022b). Strategic decision-making under ambiguity: insights from exploring a simple linked two-game model. Operational Research (forthcoming).

    Google Scholar 

  • Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636.

    Article  Google Scholar 

  • Bernstein, P. L. (1996). Against the gods: The remarkable story of risk. Wiley.

    Google Scholar 

  • Einhorn, H. J., & Hogarth, R. M. (1986). Decision making under ambiguity. Journal of Business, 59(4), S225–S250.

    Article  Google Scholar 

  • Garner, W. R. (1962). Uncertainty and structure as psychological concepts. Wiley.

    Google Scholar 

  • Magnani, G., & Zucchella, A. (2018). Uncertainty in entrepreneurship and management studies: A systematic literature review. International Journal of Business and Management, 13(3), 98–133.

    Article  Google Scholar 

  • Miles, R. E., & Snow, C. C. (1978). Organizational strategy, structure and process. McGraw-Hill.

    Google Scholar 

  • Milliken, F. J. (1987). Three types of perceived uncertainty about the environment: State, effect, and response uncertainty. Academy of Management Review, 12(1), 133–143.

    Article  Google Scholar 

  • Samsami, F., Hosseini, S. H. K., Kordnaeij, A., & Azar, A. (2015). Managing environmental uncertainty: From conceptual review to strategic management point of view. International Journal of Business and Management, 10(7), 215–229.

    Article  Google Scholar 

  • Starbuck, W. H. (1976). Organizations and their environments. In M. D. Dunnette (Ed.), Handbook of industrial and organizational psychology (pp. 1069–1123). Rand McNally.

    Google Scholar 

  • Taleb, N. N. (2012). Antifragile: How to live in a world we don’t understand. Allen Lane.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Richard J. Arend .

Rights and permissions

Reprints and permissions

Copyright information

© 2024 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Arend, R.J. (2024). Measures of Uncertainty (in Decision-Making). In: Uncertainty in Strategic Decision Making. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-48553-4_9

Download citation

Publish with us

Policies and ethics