'Individual' Scaling and Overall Evaluation of System Uncertainty
Modern Applied Science, Vol. 9, No. 3, pp. 34-45, 2015 Forthcoming
12 Pages Posted: 12 Dec 2014 Last revised: 27 Jan 2015
Date Written: December 10, 2014
Abstract
Research in the uncertainty as a phenomenon of the business interaction produces extraordinary challenges in management theory and methodology. The scientific community has usually understood a substantive impact on the uncertainty as a potential opportunity to neutralize a measure of fundamental unpredictability. At the same time, sustainability in any development is a result of balancing between faces of the certainty and the uncertainty. Solving this question, we point out to a need in the selective control. With this end in view, the paper has provided rationalization for a scientific approach to scale (grade) values of the "individual" uncertainty that serves as a quality classification tool for alternatives that are a part of a single case (event) set. Besides, the paper has elaborated a method to evaluate the system uncertainty specifying the standard errors.
Keywords: information entropy, uncertainty scaling (grading), uncertainty standard errors, system uncertainty
JEL Classification: D81
Suggested Citation: Suggested Citation