Uncertainty Analysis

Uncertainty analysis is a method used to assess how much uncertainty affects a process or decision. It involves identifying potential errors or unknowns in data, models, or predictions. By quantifying these uncertainties, we can better understand their possible impact on outcomes. This analysis is vital in fields like science, engineering, and finance, helping professionals make more informed decisions by considering the range of possible scenarios rather than relying on a single estimate. Ultimately, it provides a clearer picture of risks and confidence in predictions.