State the differences between decision making under certainty, under risk, and under uncertainty.
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Q: Discuss the differences between decision making under certainty, under risk, and under uncertainty.
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State the differences between decision making under certainty, under risk, and under uncertainty.
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- List and describe at least three barriers to effective decision-making.Discuss the differences between decision making under certainty, under risk, and under uncertainty.Compare and contrast programmed and nonprogrammed decisions and describe the decision characteristics of certainty and uncertainty.
- Supposed that a decision-maker faced with four decision alternatives and four states of nature develops the following profit payoff table.1. If the decision-maker knows nothing about the probabilities of the four states of nature, what is the recommended decision using the MAXIMAX criterion?2. What decision alternative will he choose if using the MAXIMIN criterion?3. What about MINIMAX REGRET CRITERION?4. What decision would he make if using the criterion of realism at alpha 0.6 is used?What kind of knowledge does simulation usually offer for decision-making?Discuss the basic premise of the rational (classical) model of decision making and how does it differ from the rationality model.
- Bias in decision-making happens without a thought in most decisions. Identify a recent or current event in which you think bias was evident in the decision-making process surrounding that event.Rational decision-making approach ideally implies decisions.What are various types of information for decision making does simulation typically provide?
- Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.Identify and explain the 5-step decision making process and give an example of a situation where this process can be usedHow can decision trees be used to make decisions under uncertainty?