Answer to Question 1
Answer: When making decisions, managers usually face three different conditions: certainty, risk, and uncertainty.
a. Certainty - The ideal situation for making decisions is one of certainty, which is a situation where a manager can make accurate decisions because the outcome of every alternative is known.
b. Risk - These are conditions in which the decision maker is able to estimate the likelihood of certain outcomes. Under risk, managers have historical data from past personal experiences or secondary information that lets them assign probabilities to different alternatives.
c. Uncertainty - This is a situation in which a decision maker has neither certainty nor reasonable probability estimates available. Under these conditions, the choice of alternative is influenced by the limited amount of available information and by the psychological orientation of the decision maker. An optimistic manager follows a maximax choice (maximizing the maximum possible payoff); a pessimist follows a maximin choice (maximizing the minimum possible payoff); and a manager who desires to minimize his maximum regret opts for a minimax choice.
Answer to Question 2
Answer: TRUE
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