Hodgson has faced criticism from fans after Olise was brought onto the field in the second half during the 4-1 defeat against Brighton on Saturday, only to exit after 56 minutes.
Palace was trailing 3-0 when 22-year-old winger Olise was introduced, and he had also been forced off during the previous game.
“So many things went wrong that could have gone right,” said Hodgson.
“But we don’t have hindsight and that’s the problem.”
Following the match, Hodgson defended the decision to bring on Olise by stating that “everyone was quite comfortable” with the London-born former France youth international being a substitute.
“They [the medical team] told me and he told me that he was fine to be on the bench and to play in the second half. Unfortunately, I don’t have a crystal ball,” Hodgson said.
Speaking again on Thursday, when looking ahead to Monday’s match against Chelsea, Hodgson rejected supporters’ claims that Olise already had a physical issue but confirmed he has now suffered a hamstring blow.
“It’s devastating for him, for the club, for everybody really,” Hodgson said.
“I don’t think he was carrying an injury, I think it was more fatigue.
“It’s not easy when you’ve got a player like Olise on the bench to turn around and say ‘just sit there’.”
Injuries have limited Olise to just 11 appearances so far this season, but he has scored six goals and provided three assists.
“Michael is a quiet guy and that’s another part of this situation,” Hodgson said.
“Another player might have come up and said, ‘Look, I don’t think it’s worth it. I need a bit more time.’
“But that’s not fair on him, he’s just going along with what the club thinks.”
The south London club also lost winger Eberechi Eze to a muscle injury during the win against Sheffield United, while defender Marc Guehi suffered a knee problem against Brighton.
Hodgson is under pressure after nine defeats in 15 Premier League matches, a stretch which leaves Palace five points above the relegation zone in 14th.
The fans have voiced displeasure in recent weeks, including protest banners against the way the club is being run during games at Arsenal and Brighton.
They also chanted “You don’t know what you’re doing” towards Hodgson when the former England boss substituted Eze after 64 minutes of an FA Cup third-round replay defeat at Everton last month.
Hodgson said the speculation is “not in my control” and will not stop him in his work.
“I think, speculation, there’s always going to be people who are having a bad run with their clubs, and at that time there is going to be speculation about the future of those people, ie the managers, so why should I be any different to that?” he said.z z z z z z z z z z z z z z z
“It’s not in my control, that, it doesn’t affect my daily work. When I come in here, it doesn’t stop me working with the players as I think we should work with the players, it doesn’t stop me selecting the team, doesn’t stop me selecting the tactics and trying to get the team in the best possible shape to play the game.
“This is from the outside and one has no option but to let those things pass and to accept them, as a fact of football life.”
