ECONOMICS

Detailed explanation-1: -ambiguity. is a condition in which the goals to be achieved of the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable. Highly ambiguous circumstances can create a wicked decision problem, the most difficult decision situation managers face.

Detailed explanation-2: -Which decision-making model would you use when your goals are unclear, there is time pressure, and you have experience with the problem? the intuitive decision-making model.

Detailed explanation-3: -Managers make problem‐solving decisions under three different conditions: certainty, risk, and uncertainty.

Detailed explanation-4: -Ambiguity is by far the most difficult decision situation. Ambiguity means that the goals to be achieved or the problem to be solved is unclear alternatives are difficult to define and information about outcomes is unavailable. Describe the three decision making models.

Detailed explanation-5: -Decisiveness is the ability to make clear-cut and timely decisions with the appropriate amount of information.