uncertainty

Hi John!

1.From your lectures and notes, I have understood that under uncertainty, things cannot be predicted. We either know the possible outcome but not the probability or we do not have any idea of the possible outcome. ( That’s my understanding of uncertainty. If I am getting things wrong, please tell me!)

2. However in your lectures, you have said that demand is uncertain.
How is that? We know what demand could be and we also know the probability of the demand. Therefore how does that constitute of an uncertainty?

Thanks.