When A Manager Knows What The Problem Is And What The Alternatives Are The Manager Is Making The Decision Under The Condition Of?

Certainty

is a condition under which the manager is well informed about possible alternatives and their outcomes. There is only one outcome for each choice.

When the manager knows what the alternatives are and the probabilities associated with each alternative are guaranteed the manager is experiencing?

When the manager knows what the alternatives are and the probabilities associated with each alternative are guaranteed, the manager is experiencing….

Decision making under certainty

. The Detroit three auto makers and United Auto Workers negotiated a labor deal with pay raises for entry level workers.

What is certainty in management?

A decision that is relatively certain can be made based upon the desired outcome

. For example, a decision to loan or borrow money can be based on a specified rate of interest. This decision is based on the relative certainty of the amount of money that will be generated or expended by the decision.

When developing alternatives in the decision making process what must a manager do?

Managers should specify criteria, then evaluate. Rank the various alternatives and make a decision. Managers must be sure all the information available is brought to bear on the problem or issue at hand.

Managers must now carry out the alternative

.

What is decision making under certainty?

In this scenario,

the person in charge of making the decision knows for sure the consequence of each alternative, strategy or course of action to be taken

. In these circumstances, it is possible to foresee (if not control) the facts and the results.

When Satisficing a decision maker selects the best solution?

In the satisficing approach, the decision maker selects

the first alternative that meets his or her minimum standard of satisfaction

. A managers values define his or her ethics and affect the selection of performances measures, alternatives, and choice criteria in the decision process.

Which of the following represents the final step in the decision-making process?

Evaluation

is the final step of the formal decision process. Evaluating outcomes may help the decision maker learn lessons that will improve her decision-making abilities.

What is uncertainty with example?

Uncertainty is defined as

doubt

. When you feel as if you are not sure if you want to take a new job or not, this is an example of uncertainty. When the economy is going bad and causing everyone to worry about what will happen next, this is an example of an uncertainty.

What is an example of certainty?

Examples of certainty include

the need to meet customer, contract or regulatory requirements

. The outcomes (consequences) are known to you, should you fail to comply.

What is the difference between certainty uncertainty and risk?

Risk is the chance that an investment’s actual outcome will differ from the expected outcome, while uncertainty is the lack of certainty about an event. The main difference between risk and uncertainty is that

risk is measurable while uncertainty is not measurable or predictable

.

What are the 7 steps of decision making?

1. Step 1: Identify the decision. You realize that you need to make a decision. …
2. Step 2: Gather relevant information. …
3. Step 3: Identify the alternatives. …
4. Step 4: Weigh the evidence. …
5. Step 5: Choose among alternatives. …
6. Step 6: Take action. …
7. Step 7: Review your decision & its consequences.

What are the 3 types of decision making?

• strategic.
• tactical.
• operational.

What are the 4 types of decision making?

The four styles of decision making are

directive, conceptual, analytical and behavioral options

.

How does uncertainty affect decision making?

An increasing sense of uncertainty reflects a

changing environment

that will impact the choices we make. Recognizing and accommodating these changes provides the opportunity to increase decision making effectiveness.

What are the methods of decision making under uncertainty?

• Maximin Criterion: This criterion, also known as the criterion of pessimism, is used when the decision-maker is pessimistic about future. …
• Maximax Criterion: This criterion, also known as the criterion of optimism, is used when the decision-maker is optimistic about future.

How is decision taken under risk?

Whenever the decision maker has some knowledge regarding the states of nature,

he/she may be able to assign subjective probability for the occurrence of each state of nature

. By doing so, the problem is then classified as decision making under risk.