Asked by Patrick Pedersen on Jun 18, 2024
Verified
Explain how risk, certainty and uncertainty influence the decisions that managers make.
Risk and Certainty
The degree of unpredictability involved in decision-making, where risk implies potential variations in outcomes and certainty implies known outcomes.
Uncertainty Influence
The impact that lack of predictability or certainty in situations has on decision making, strategies, and outcomes.
Managerial Decisions
Choices or judgments made by managers as part of their role to guide the direction of an organization or its resources.
- Identify the impact of risk, certainty, and uncertainty on the decision-making process.
Verified Answer
Learning Objectives
- Identify the impact of risk, certainty, and uncertainty on the decision-making process.
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