Identify and Describe Three Methods Used for Decision Making Under

question 85

Essay

Identify and describe three methods used for decision making under conditions of uncertainty.

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Definitions:

Closed Systems

Systems that do not interact with the environment outside of themselves, limiting the exchange of matter or energy.

External Environment

Outside forces and conditions that influence the operations and outcomes of an organization or system.

Communes

Communities where people live and work together, often sharing common interests, property, possessions, and values, usually outside of mainstream society.

Management Science

An interdisciplinary study that uses statistical methods, mathematical modeling, and analytical approaches to decision-making and problem-solving in business and other organizations.