Managerial Decision-Making Under Risk and Uncertainty
In this article we will discuss about Managerial Decision-Making Environment:- 1. Concept of Decision-Making Environment 2. Decision-Making Environment under Uncertainty 3. Risk Analysis 4. Certainty Equivalents. Concept of Decision-Making Environment: The starting point of decision theory is the distinction among three different states of nature or decision environments: certainty, risk and uncertainty. The distinction is drawn on the basis of [...]