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Title: Decision Making under Certainty, Uncertainty, and Risk

Essay Details

Subject: Business
Author: Timothy C
Date: February 25, 2015
Level: University
Grade: A
Length: 2 / 369
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

The information is available and is considered to he reliable, and the cause and effect relationships are known. In a situation of uncertainty, on the other hand, people have only a meager database, they do not know whether or not the data are reliable, and they are very unsure about whether or not the situation may change...

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For example, a corporation that decides to expand its Operation to an unfamiliar country may know little about the country’s culture, laws, economic environment, and politics. The political situation may be volatile that even experts cannot predict a possible change in government. In a situation with risks, factual information may exist, but it may be incomplete...

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