DECISION MAKING UNDER UNCERTAINTY

Known as lack of evidence or information or principle of insufficent reason

• certainty

• uncertainty

• risk

• ignorance

Bayesian decision-making is always decision-making under certainty or risk, never under uncertainty or ignorance

• True

• False

1. Which of the following is a solution that is chosen from among alternatives?

• A. Decision- making

• B. Problem

• C. Uncertainty

• D. Decision

1. Which is the third step in the problem solving process?

• A. Define problem

• B. Identify decision criteria

• C. Evaluate alternatives

• D. Implement decisions

Implementing the decision is fall under the _______ step in the problem solving process.

• A. First

• B. Second

• C. Third

• D. Fourth

• E. Fifth

The first step in making a decision is to: 

• A. Brainstorm possible solution
• B. Describe the problem or situation
• C. Consider the consequences
• D. Evaluate the decision

Jake has a history test on Friday. On Thursday night Jake's friend asks him to go to the movies. Jake lists the positives and negative outcomes of each choice. Which step in the decision-making process is this?

• A. Evaluate the decision
• B. Describe the situation
• C. Consider the consequences
• D. Explore the options

What is decision making?

• The process of thinking about the activities required to achieve a goal

• The ability to solve problems

• The process of making choices among alternatives

• The tendency to generate or recognise ideas

When you make a decision, you should first define your needs. Next you should

• make a decision 
• gather information 
• analyze your resources  
• evaluate your choices

_________ exist whenever there is a difference between what actually happens and what the manager wants to have happen.

• A. Decision

• B. Problem

• C. Programmed decision

• D. Risk