ABSTRACT
John Kenneth Galbraith writing in the 1970s called the latter part of the twentieth century The Age of Uncertainty. Once this uncertainty is accepted as being, as it were, in the nature of things, it is easily seen that those who enter into ventures that depend upon future outcomes have to come to terms with it. After all, uncertainty lies at the root of the process of property development which is essentially concerned with the manufacture of a product in anticipation of an unknown future demand. Decision analysis has become a well established part of the curricula of business schools and the like, although it is fair to say that to date the basis of that theory has tended to support a mostly rational/ quantitative methodology. These ideas are only beginning to gain a more general acceptance, particularly with the development of techniques such as scenario analysis and more recently and still controversially, fuzzy analysis.
