In 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

Uncertainty refers to the lack of information or data that decision makers face when making decisions. There is no clear outcome or predicted result, and the potential for multiple outcomes exists. This can make it difficult for decision makers to make well-informed choices. Certainty, on the other hand, means that outcomes are clear and predictable, while risk involves known potential outcomes and probabilities. Probability refers to the likelihood that a particular outcome will occur. Irresolution is not a commonly used term in the context of decision making.

In Managerial Decision Making, the State That Exists When Decision