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Define the terms ‘risk’, ‘certainty’ and ‘uncertainty’ as they relate to managerial decision-making. Using examples from any...

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General Management

Define the terms ‘risk’, ‘certainty’ and ‘uncertainty’ as theyrelate to

managerial decision-making. Using examples from any publishednews

sources, describe what types of situations would count as risk,certainty and

uncertainty from a managerial perspective. 250 words or less

Answer & Explanation Solved by verified expert
3.6 Ratings (435 Votes)
Risk From a managerial perspective the manager takes the decision when the appropriate information is unavailable or when they dont have sufficient evidence for the information risk arises Under the condition of risk the managers decision is made based on incomplete information on what alternatives are available to them For example the    See Answer
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