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When dealing with risk environments, probabilities are assigned through objective statistical procedures rather than intuition.
Risk Environments
Provide probabilities regarding expected results for decision-making alternatives.
Objective Statistical Procedures
Quantitative methods used to analyze data and make decisions based on statistical evidence rather than subjective judgment.
Intuition
The ability to understand something instinctively, without the need for conscious reasoning.
- Understand the circumstances or settings in which organizational decisions are taken, encompassing conditions of certainty, risk, and uncertainty.
- Grasp the concept of risk management and its importance in the decision-making process.
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Learning Objectives
- Understand the circumstances or settings in which organizational decisions are taken, encompassing conditions of certainty, risk, and uncertainty.
- Grasp the concept of risk management and its importance in the decision-making process.
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