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

Related MCQs

• 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
• 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
• 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
• Which one of the following is not one of the Balanced Scorecard’s four generic perspectives?
• If the responsibility centre gets more revenue from output, then it is called…
• Flexible manufacturing systems (FMS) are reported to have a number of benefits. Which is NOT a reported benefit of FMS?
• Contribution is the difference between
• Which one of the following does measure risk?