The Difference in Decision Making Under Risk and Decision Making

question 19

True/False

The difference in decision making under risk and decision making under uncertainty is that under risk,we think we know the probabilities of the states of nature,while under uncertainty we do not know the probabilities of the states of nature.

---

Definitions:

Values

The fundamental beliefs and principles that guide individual and organizational behavior and decision-making.

Deepest Element

The most fundamental, underlying component in a theoretical or conceptual framework.

Organizational Culture

Embodies the values, beliefs, behaviors, and norms that shape the social and psychological environment of a business organization.

Reality Shock

The feeling of surprise and disorientation experienced when encountering a situation vastly different from what was anticipated, often in a professional context.