Philosophical phriday - dealing with uncertainty
Lately I've been pondering the thought that 'risk' is 'uncertainty' - it's not simply that risky decisions and activities involve some element of doubt, that they might work out extremely well or go horribly wrong, but that the lack of certainty is itself a critical factor. As well as the rational mathematical basis in probability theory and statistics , there is also an emotional aspect to uncertainty. It affects the way we perceive, prepare for and address issues. It affects our planning and capability. It can be debilitating, resulting in indecision and delay even though that may make things even worse: sometimes, it is better to make a decision now (despite the uncertainties) and press ahead in the belief that we will cope with whatever eventuates. Conversely, it may be better to delay a decision and hold back while gathering more information, building resources, preparing and aligning those involved, and considering various eventualities. Uncertainty ha...