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This research was aimed at gaining a deeper insight into perception linked to environmental uncertainty and the strategic significance of perceptual diversity. Factors intervening in perception were characterised. It is specifically shown that an individual’s cognitive limitations and their beliefs’ affective influence gave rise to cognitive bias distorting individual perception. This model was applied to both management (perceived uncertainty) and outside observers (objective uncertainty) perceiving environmental uncertainty. The idiosyncratic nature of perceiving uncertainty and the interrelationships between various individuals’ perception was thus considered (stress–management and outside observers). The significance of the heterogeneity of perception of managers working at a single company was analysed and compared to that of those working in different companies. It was found that inter-company perception of diversity enabled selective access to competitive advantages. Diversity of perception at intra-company level enhanced assessment of the background of strategy management and reduced organisational coordination.