Uncertainty is a defining characteristic of many real-world decision-making environments. From rapidly shifting markets to geopolitical instability and technological disruption, uncertainty complicates the ability of individuals and organizations to make optimal decisions. This paper explores decision-making strategies under uncertainty, drawing from fields such as behavioral economics, cognitive psychology, strategic management, and operations research. It highlights how classical models of rational decision-making fall short in uncertain conditions, and examines adaptive approaches such as bounded rationality, scenario planning, heuristics, and robust decision frameworks. The paper also reviews contemporary tools and technologies, such as AI and simulations, that aid in navigating uncertainty in dynamic contexts.
Rafiq-uz-Zaman et al. (Tue,) studied this question.