ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Risk is the situation under which the decision outcomes and their probabilities of occurrences are known to the decision-maker, and uncertainty is the situation under which such information is not available to the decision-maker.
Detailed explanation-2: -You can use fuzzy logic or work with Z-information. A choice of a method depends on a given initial information. If you consider the uncertain parameter in your problem are rough variable and then you solve this model, you will obtain the best optimal solution.
Detailed explanation-3: -Have a vision of what you wish to achieve, rather than comparing alternatives. Form a group within which dissenting voices can make themselves heard. Act rapidly. Do not wait for more information before taking action. Create options and boost reversibility. 01-Oct-2021
Detailed explanation-4: -Data Uncertainty. Prediction Uncertainty. Judgment Uncertainty. Action Uncertainty. 27-Jan-2021