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Is the transportation model an example of decision making under certainty?
The transportation model is an example of decision making under certainty since the costs of each shipping route, the demand at each destination, and the supply at each source are all assumed to be known with certainty.
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
What is ideal conditions under certainty?
Ideal conditions under certainty refer to a situation where all relevant information is known, future events can be accurately predicted, and there are no risks or uncertainties involved. In this scenario, decision-making becomes straightforward as the optimal choice is clear and can be made with confidence. However, such ideal conditions are rare in the real world, as uncertainty and risk are typically present in decision-making.
What are three different conditions under which production decision are made?
Production decisions are typically made under conditions of certainty, uncertainty, and risk. In conditions of certainty, managers have complete information about the outcomes of their decisions, enabling straightforward planning. Under uncertainty, they face unknown variables and potential outcomes, making it challenging to predict results. In risk conditions, managers have some information about probabilities of different outcomes, allowing for informed decision-making based on statistical analysis.
Is Saudi business decision making primarily based on certainty risk or uncertainty?
Saudi business decision-making is primarily influenced by a mix of certainty and uncertainty. While established industries, such as oil and gas, often operate under more predictable conditions, sectors like technology and tourism face significant uncertainty due to market fluctuations and global dynamics. Additionally, the Saudi Vision 2030 initiative adds an element of uncertainty as it drives diversification and reform in the economy. Overall, decision-makers must navigate both stable frameworks and unpredictable variables in their strategies.
What are the difference between decision making under risk and decision making under competition?
I also dont no.dont b angrey one day we will b able to ans InsALLAH:-)
What has the author A Smidts written?
A. Smidts has written: 'Decision making under risk' -- subject(s): Marketing, Decision-making, Farm produce, Risk
Decision making is the primary task of the management?
Decision making is one of the many tasks of a manager. They are usually the final decision maker in most situations. They are responsible for making sure everyone under them is doing their job and is trained as well.
What factors influence decision making under risk?
Factors that influence decision making under risk include individual preferences, past experiences, emotions, cognitive biases, and the perceived probability and consequences of potential outcomes.
IS-241.b answer key?
Under stress, decision makers are more likely to
What is the different decision environment?
The decision environment refers to the context and conditions under which decisions are made, which can significantly influence the outcomes. It can be categorized into three main types: certainty, where outcomes are known; risk, where probabilities of outcomes are known; and uncertainty, where outcomes and probabilities are unknown. Each environment requires different decision-making strategies and approaches, impacting how individuals and organizations assess options and manage potential consequences. Understanding the decision environment is crucial for effective planning and risk management.
What has the author George Wright written?
George Wright has written: 'Strategic decision making' -- subject(s): Decision making, Strategic planning 'Cultural and individual decision making under uncertainty' 'Cultural and individual differences in probabilistic set, discrimination of uncertainty and realism of probability assessments'
