Abstract
D.Econ.
Uncertainty is an element that pervades the very existence of man. As one moves through time, almost every decision that one takes is associated with some degree of uncertainty. As one departs from one moment in time to another, one's journey
comprises choices and expectations relating to all matters of life. A choice is made when one decides to adopt one or more courses of action from a set of available alternatives. The uncertainty associated with each decision is not merely whether or not the correct choice was made, but more in terms of whether or not the expected outcome will be realised. The time between the moment a decision is made and the future moment in which the outcome is expected to be realised, is permeated with the essence of uncertainty.