'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

See all articles by Evgeny Kuzmin

Evgeny Kuzmin

Ural State University of Economics; Institute of Economics the Ural Branch of Russian Academy of Sciences

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

Kuzmin, Evgeny, 'Individual' Scaling and Overall Evaluation of System Uncertainty (December 10, 2014). Modern Applied Science, Vol. 9, No. 3, pp. 34-45, 2015 Forthcoming, Available at SSRN: https://ssrn.com/abstract=2536725

Evgeny Kuzmin (Contact Author)

Ural State University of Economics ( email )

Str. 8-Marta, 62
Ekaterinburg, 620144
Russia

Institute of Economics the Ural Branch of Russian Academy of Sciences

Str. Moskovskaia, 29
Ekaterinburg, 620014
Russia

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