Based on the degree of certainty involved, every decision-maki

Home / Questions / Based on the degree of certainty involved, every decision-making situation falls into o

Based on the degree of certainty involved, every decision-making situation falls into o

Based on the degree of certainty involved, every decision-making situation falls into one of the three categories: (i) certainty, (ii) risk and (iii) uncertainty. When predictability is lower, a condition of risk exists. Which of the following is a characteristic of decision-making under risk?

(a) The decision-maker has complete information about available alternatives, and has a good idea of the probability of particular outcomes for each alternative

(b) The decision-maker has complete information about available alternatives, but has no idea of the probability of particular outcomes for each alternative

(c) The decision-maker has incomplete information about available alternatives, but has a good idea of the probability of particular outcomes for each alternative

(d) Future environment is unpredictable and everything is in a state of flux

(e) The decision-maker is not aware of all alternatives, the risks associated with each, or the consequences of each alternative, or their probabilities.

Johnson 21-Dec-2017

Answer (Solved)

question Get solution

Each flight maintains an inventory table for consumable products Each flight maintains an inventory table for consumable products. The inventory will be refilled at end of each trip. The management wants to analyze the high costs of pr...
Customers can pay their purchased tickets by cash Customers can pay their purchased tickets by cash, cheque, bank card, visa card, master cards and frequent flyer point. The payment by American express card will be charg...
Each service and the in charge engineer Each service and the in charge engineer, the parts used, the problem fixed and service log for an aircraft will be recorded in the database. The management must make sure...
Qantas management is to ensure the successful completion Qantas management is to ensure the successful completion of around 300,000 flights every year to 57 airports around Australia and to 86 destinations in 36 countries that ...
The class of Qantas frequent flyer membership The class of Qantas frequent flyer membership is based on flying more for higher-level class. The types of memberships are based on distance flown, with bonuses that vary...
Qantas Airways is the flag carrier airline of Australia Qantas Airways is the flag carrier airline of Australia. Qantas' headquarter is located at the Qantas Centre in the Mascot suburb of Sydney, New South Wales. The Qantas G...
Qantas has a centralised operational database to capture Qantas has a centralised operational database to capture their day-to-day ticket sales. Qantas provides online ticket sales and promotion agents for ticket sales. Promoti...
To promote the better services to VIP members and award customers To promote the better services to VIP members and award customers’ loyalty, Qantas provide the airline lounge with airport locations around Australia and the world. Those...
All Qantas Line Maintenance Stations can communicate with inbound aircraft provides All Qantas Line Maintenance Stations can communicate with inbound aircraft provides 24 hours per day for advice on incoming defects, facilitating the preparation of appro...
There are hundreds Qantas flights transporting passengers from different airports There are hundreds Qantas flights transporting passengers from different airports to over 50 domestic and international destinations every day. Qantas flight operational...

Service

Based on the degree of certainty involved, every decision-making situation falls into o

Based on the degree of certainty involved, every decision-making situation falls into o

Answer (Solved)

Ask Homework Question

Writing Help

Have a language expert improve your writing

Instant response from experts on your writing help queries

Find your question's answer instantly in our Q&A bank