When managers are making decisions where the outcomes of alternatives are not known, they are working under conditions of:
A)Uncertainty
B)Certainty
C)Bounded rationality
D)Satisficing
E)Risk

Question

Quizplus · Accepted Answer

Uncertainty occurs when the outcomes of alternatives are not known, making it difficult to make informed decisions. This is distinct from risk, where the outcomes are known but their probability is uncertain. Bounded rationality and satisficing refer to decision-making processes, but not the conditions under which decisions are made. Certainty occurs when the outcomes of alternatives are known with complete confidence.

When Managers Are Making Decisions Where the Outcomes of Alternatives