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Criteria for Decision Making Under Uncertainty and Risk Assignment
Criteria for Decision Making Under Uncertainty and Risk Paper
Decision making is fundamental in every aspect of life whether in learning institutions, healthcare or in any organization. Failure to make appropriate decision can have adverse consequences. There are several ways of making decisions depending on the particular circumstances. In this discussion, the focus will be on the criteria of decision making in situations characterized by uncertainty, as well as, the criteria for coming up with decisions when one is under risk (Greco, Figueira & Ehrgott, 2016). Decisions made under uncertainty will be dictated by the future prospects or the fact that the decision make is making preparation for any future changes that might be anticipated. On the other hand, decision making under risk is such that the decision maker does not have many options and the person is limited with the choices to make.
Criteria for Decision Making Under Uncertainty
The first step in decision making is the definition of the problem and the factors which influence decision making under uncertainty. Under uncertainty, the result of the decision alternative is not obvious and that its probability is not clear. There are various approaches that can aid in decision making when one is faced with uncertainty.
Usually, the most aggressive individual has the choice of making decisions that will give an outcome that gives the maximum likely payoff (Yoe, 2016). It is an optimistic approach of decision making that involves considering the best of the best alternatives. The criterion involves two steps to arrive at the decision. The first step entails picking the maximum payoff ................GET A PLAGIARISM FREE COPY