Decision Making for Managers: Certainty, Risk & Uncertainty


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Which of the following are we trying to determine when we talk about weight risk?

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1. You run one of the departments in a large company that works in government bonds, futures, and other financial papers. One of your coworkers is being tasked with deciding whether or not to invest in an African country that has had a civil war recently, and has been mostly closed off to the media. What would you advise that he do first as he prepares to make his decision?

2. One of the biggest mistakes a manager can make is to _____.

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About This Quiz & Worksheet

What perspectives are considered and what risk is weighed during a manager's decision making process? You can test your knowledge of these topics by answering the questions presented in this quiz and worksheet.

Quiz & Worksheet Goals

In these assessments you'll be tested on:

  • What one is trying to determine when weighing risk
  • What one is doing when weighing risk
  • The three perspectives when making a decision
  • The best option when making a decision out of uncertainty
  • One of biggest mistakes a manager can make during the decision making process

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information regarding the ways in which risk and uncertainty are addressed when managers are making a decision
  • Information recall - access the knowledge you've gained regarding the perspectives by which managers can make a decision
  • Knowledge application - use your knowledge to answer questions about the ways in which risk is weighed in the managerial decision making process

Additional Learning

To learn more about this topic, review the accompanying lesson called Decision Making for Managers: Certainty, Risk & Uncertainty. The lesson meets the following objectives:

  • Discuss the term 'certainty' as used in decision making
  • Identify and describe the perspectives by which managers can approach decision making
  • Use a fictitious scenario to illustrate these different perspectives
  • Present a likely result when one makes a decision without considering risk