Description
MGMT 530 Week 4 DQ 1
How does your organization assess uncertainties in your decision-making process? What are the benefits to using decision trees to assess uncertainties?
Provide an example where uncertainties played a major role in a decision situation.
For our first TDA, we will be talking about uncertainties. Lack of knowledge, unknown impact, estimated outcome, doubt & fear, untrustworthy, non-predictable, unsureness are all/also relevant words/concepts to get us started …. Other words I’d like to emphasize – as substitutes for ‘chance’ or ‘percentage’ of uncertainty – are “possibility” and “probability.”
In the context of uncertainty, is there a difference between ‘possibility’ and ‘probability’?
