A situation in which a decision maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as

Related MCQs

• A situation in which a decision maker must choose between strategies that have more than one possible outcome when the probability of each outcome is unknown is referred to as
• The analysis of a complex decision situation by constructing a mathematical model of the situation and then performing a large number of iterations in order to determine the probability distribution of outcomes is called
• Circumstances that influence the profitability of a decision are referred to as
• A management concept under which all managers and employees at all stages of company operations strive toward higher standards and a reduced number of defective units are called:
• Which of the following is a way to deal with decision making under uncertainty?
• A budgeting process which demands each manager to justify his entire budget in detail from beginning is
• The problems associated with marginal costing are
• Contribution margin is also known as
• Key factor is also known as…
• The responsibility accounting is also called…