What do you understand by managerial decision making how decisions are taken and risk fertility and uncertainty?
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Uncertainty is a state in which the decision-maker does not have even the information to make subjective probability assessments. It was Frank Knight who first drew a distinction between risk and uncertainty. ... In general, two approaches are used to estimate the probabilities of decision outcomes.
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Uncertainty is a state in which the decision-maker does not have even the information to make subjective probability assessments. It was Frank Knight who first drew a distinction between risk and uncertainty. ... In general, two approaches are used to estimate the probabilities of decision outcomes.
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