Uncertainty (in Business)
Situation where outcomes cannot be predicted with certainty because variables are unknown or unmeasurable.
Real World
No business predicted the scale or timing of COVID-19 in early 2020 — the pandemic represented pure uncertainty, making normal demand forecasts meaningless for hospitality firms like Whitbread (Premier Inn).
Exam Focus
Explicitly contrast uncertainty with risk in 'evaluate' answers; examiners expect you to state uncertainty cannot be quantified, unlike risk.
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