Which of the following statements is true in the context of decision making under a condition of uncertainty?
A) A decision maker greatly relies on intuition, judgment, and experience.
B) A decision maker clearly knows all the risks associated with alternatives to a problem.
C) A decision maker puts in least effort and uses a pre-determined structure for decision making.
D) A decision maker is able to estimate the payoffs and risks associated with alternatives.
E) A decision maker identifies only two alternatives to the decision situation.

Question

Quizplus · Accepted Answer

Most of the major decision making in contemporary organizations is done under a state of uncertainty, where the decision maker does not know all the alternatives, the risks associated with each, or the likely consequences of each alternative. Intuition, judgment, and experience always play major roles in the decision-making process under conditions of uncertainty.

Which of the Following Statements Is True in the Context