Examlex
When a sales manager follows up a complaint from a key customer with a letter to that customer describing the nature of the complaint and what the organization plans to do to resolve the situation and to prevent its future occurrence, this sales manager is acting according to this principle of management:
Risk-averse
A characteristic of individuals who prefer to avoid taking risks and are likely to choose options that minimize uncertainty.
Probability
The determination of the possibility that an event will happen, quantified between 0 and 1.
Expected Utility
A theory in economics that calculates the utility of an entity based on the probabilistic outcomes of its choices.
Probability
A numerical expression between 0 and 1 that quantifies the probability of an event happening.
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