ECONOMICS

Detailed explanation-1: -Certainty conditions – ideal conditions in deciding problems; these are situations in which a manager can make precise decisions because the results of all alternatives are known.

Detailed explanation-2: -Decisions are made under the condition of certainty when the manager has perfect knowledge of all the information needed to make a decision. This condition is ideal for problem solving.

Detailed explanation-3: -Uncertainty: means that managers know which goals they wish to meet, but information about alternatives and future events is incomplete. Ambiguity: 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.

Detailed explanation-4: -Many important problems involve decision making under uncertainty-that is, choosing actions based on often imperfect observations, with unknown outcomes. Designers of automated decision support systems must take into account the various sources of uncertainty while balancing the multiple objectives of the system.