True or false? Most managerial decisions include an element of risk.
Question:
True or false? Most managerial decisions include an element of risk.
Decisions Risks
Risk is the probability of a decision to lead an organization to a loss or undesirable results. It usually consists of the probability of something going against a decision and the consequences. The consequences could include losses, increased costs, time shortage, bad reputation, etc. It is difficult to prepare, spot, or manage risk.
Answer and Explanation:
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Organizations make decisions every day, and they have no way of telling if the decision will work. They just take chances on one choice after...
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Decision Making for Managers: Certainty, Risk & Uncertainty
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Chapter 14 / Lesson 5
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For each situation, managers research all possible variables and weigh the certainty and uncertainty of all possible risks to make the best decisions. Explore the strategies of decision-making for managers and learn how managers weigh risk.
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