In the context of managerial decision making, the state that exists when decision makers have insufficient information is known as
A) certainty.
B) uncertainty.
C) risk.
D) probability.
E) irresolution.

Question

Quizplus · Accepted Answer

When decision makers have insufficient information, they are in a state of uncertainty, as they are unsure about the outcome of their decisions. Certainty refers to a state where the decision maker has complete information, while risk refers to a state where the decision maker has some information about the probabilities of different outcomes. Probability is a measure of the likelihood of a certain outcome occurring, while irresolution refers to a state of indecisiveness or uncertainty about what course of action to take.

In the Context of Managerial Decision Making, the State That