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Would you characterize the conditions surrounding NASCAR as conditions of certainty risk or uncertainty Please explain your choice?
JiunJ
Overall, NASCAR is an uncertainty risk as a business model. If there is a great driver, a good car, and the fates choose to smile down, the owner will win tons of money in advertising, and stay comfortably in the black. However, if conditions, some beyond the owner's control, go in the opposite direction, the business will fail, and the owner will sustain a loss. All in all, sports or competition businesses are always a risk.
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∙ 9y ago
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Why is decision making under uncertainty necessarily subjectiveExplain giving examples?
Types of Decision Making Conditions The conditions for making decisions can be divided into two types, certainty and uncertainty. Decisions made under certainty or uncertainty are based on our feelings and our experiences. 1. Certainty We experience certainty about a specific question when we have a feeling of complete belief or complete confidence in a single answer to the question. Decisions such as deciding on a new carpet for the office or installing a new piece of equipment or promoting an employee to a supervisory position are made with a high level of certainty. While there is always some degree of uncertainty about the eventual outcome of such decisions there is enough clarity about the problem, the situation and the alternatives to consider the conditions to be certain. 2. Uncertainty A decision under uncertainty is when there are many unknowns and no possibility of knowing what could occur in the future to alter the outcome of a decision. We feel uncertainty about a situation when we can't predict with complete confidence what the outcomes of our actions will be. We experience uncertainty about a specific question when we can't give a single answer with complete confidence. Launching a new product, a major change in marketing strategy or opening your first branch could be influenced by such factors as the reaction of competitors, new competitors, technological changes, changes in customer demand, economic shifts, government legislation and a host of conditions beyond your control. These are the type of decisions facing the senior executives of large corporations who must commit huge resources. The small business manager faces, relatively, the same type of conditions which could cause decisions that result in a disaster from which he or she may not be able to recover. Solution Methods Differ Under certainty the decision maker can rely on the standard "Vanilla" process described in this section as, "Decision Analysis." There you are advised to proceed through the steps of: Problem Definition > Background Information > Situation Description > Alternative Solutions > Recommendation. Following these steps, the business manager will reach a satisfactory decision in most cases. Most often, the small business manager, (a) has little time for research, (b) doesn't need an exhaustive analysis, (c) can accept the risks and (d) can make reversible decisions. Large corporations, on the other hand, may have millions of dollars for research, the risks may be highly punitive and commitments are not easily reversed. Here are some of the reasons why you can't play with the big boys... -Research requires access to data. -Gathering it yourself is expensive. -People who gather data in databanks charge big bucks for access. -Data needs meaningful interpretation using Bayesian and other forms of statistics. Even if your sister-in-law is a math professor, would she have computer capacity to process the expensive data to obtain the probabilities and expected utilities to apply -to elaborate decision trees, models and simulations which you might not understand enough to make a wise decision? -Research requires an expensive staff and months to complete the work. UNDER UNCERTAINTY, THE DECISIONS BECOME SUBJECTIVE DUE TO -(1) lack of openness to experience, -(2) inability to see things in unusual ways, -(3) lack of curiosity, -(4) inability to accept and reconcile apparent opposites, - (5) lack of tolerance of ambiguity, - (6) lack of independence in judgment, thought, and action, -(7) lack for autonomy and the willingness to assume it, -(8) lack of self-reliance, -(9) allegiance to group standards and control, -- -(10) lack of willingness to take calculated risks, and -(11) lack of persistence. THESE FACTORS AFFECT THE ABILITY TO MAKE OBJECTIVE DECISIONS.
Is it certainty that a company will lose out on new opportunities if it does not keep up with new technology?
Not always, it depends on the business the company is involved in.
Why are developing country more depended on fuel wood than industrialize country?
Human comfort is dependent on fuel for cooking and heating. Public uncertainty, lack of wealth and/or long-term political stability needed to buy machinery and refine hydrocarbon into fuel means that developing countries will be more dependent on wood as a fuel source. Wood is locally available, and generally easy to harvest using simple tools such as machete or ax. The chain of human action needed to attain wood is shorter and less complex. Hydrocarbon fuel creates more energy than burning wood, and is necessary to sustain industrialized countries. Hydrocarbon fuel is more complex, and is dependent on long chains of human action such as: Public certainty, education, banking finance, mining ores, making steel, drilling for hydrocarbons, transporting and refining hydrocarbons into usable fuel, and then shipping the refined fuel to users who own furnaces, cars, tractors, factories, etc.
Which two nations competed for industrial dominance of Europe during the early 1900s?
The two nations competed for industrial dominance of Europe during the early 1900s were Germany and England. It eventually led to World War I. With a good deal of certainty, WW1 was caused by the fight for industrial prominence of either nation.
How many Cordoba equals a us dollar?
at the end of the day people why do you ask the computer for answers back in those days no new a thing about computers yer has allot of info but most certainty not always correct ..... so i suggest you and everyone else figure things out yourself dictionary or something the old computer is for research not for some to get answer of it so sort it out please make a difference :)
Different between certainty risk and uncertainty risk?
Different between certainty risk and uncertainty ris
What rhymes with uncertainty?
Certainty!
What are antonyms for uncertainty?
Antonyms for uncertainty are certainty, confidence, security, and sureness.
What is the antonym of uncertainty?
Some antonyms of the word 'uncertainty' are 'certainty' and 'assurance'
What word is the opposite of certainty?
Uncertainty.
What is the opposite word for certainty?
Uncertainty or doubt.
What word is opposite for certainty?
Uncertainty or doubt.
What is probability mathematically.. is it the measurement of certainty or uncertainty?
It is a measure of the degree of certainty: it is the likelihood that a specified event will occur.
What is certainty and uncertainty in quantum mechanics?
certainty means how are you accurate in measuring a physical quantity. There is always some uncertainty in measuring of any physical quantity . It is given by higenberg's uncertainty principle. Quantum mechanics deals with the physical quantities which have some discreet values. So The measurement is not certain.
Is uncertainty an emotion?
Uncertainty is not an emotion, but rather a state of being unsure or having doubt about something. Emotions are psychological responses to situations, while uncertainty is more about a lack of clarity or confidence in a specific situation or outcome.
What rhymes with certainty?
Uncertainty ... Incertainty. Also view slant rhyming words like "perfectly"
Distinguish between decision making under certainty and decision making uncertaintyMantion certain models for solving decision problem under uncertainty?
when you know all information about alternatives and the best chosen one is certainty when you donot know all information is uncertainty
