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Date : 1995-12-08

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DecisionMaking under Certainty Risk and Uncertainty ~ Decisionmaking under Certainty A condition of certainty exists when the decisionmaker knows with reasonable certainty what the alternatives are what conditions are associated with each alternative and the outcome of each alternative Under conditions of certainty accurate measurable and reliable information on which to base decisions is available

Decisions Making Environments Certainty Uncertainty and Risk ~ However in many routine type of decisions almost complete certainty can be noticed These decisions generally are of very little significance to the success of business 2 Uncertainty In the environment of uncertainty more than one type of event can take place and the decision maker is completely in dark regarding the event that is likely to take place

Decision Making for Managers Certainty Risk Uncertainty ~ Making a decision from certainty and not looking at any risk or trusting what we know and not doing any research Which one you choose will be based on how comfortable you are with the

Decision Making in Conditions of Certainty Risk and ~ Decision Making in Conditions of Certainty Risk and Uncertainty In a modern world producing surplus of information and at the same time information deficits making personal decisions especially institutional ones becomes exceptionally complicated and demanding

Decision Making in Uncertainty ~ Decision making can be described as the process of reducing uncertainty about solution options by gaining sufficient knowledge of the options to allow a reasonable selection from among them Uncertainty is reduced but never eliminated If that were possible we would be able to predict the future without error

Managerial DecisionMaking Under Risk and Uncertainty ~ DecisionMaking Environment under Certainty Equivalents The first method of dealing with risk it to re­place the expected net income figures R t — C t in the NPV equation with their certainty equival­ents

DECISION MAKING UNDER CERTAINTY RISK UNCERTAINTY ~ DECISION MAKING UNDER CERTAINTY RISK UNCERTAINTY Explain the difference between decisionmaking under certainty risk and uncertainty Decision making is a process of identifying problems and opportunities and choosing the best option among alternative courses of action for resolving them successfully

Legal Certainty and the Possibility of Computer Decision ~ From a point of view of legal certainty it would be preferable that every decision would be the same regardless of whether that decision is marginally better or worse than the other option Where a judge could come to two different conclusions in equal cases a computer would always give the same verdict when the input is identical