Which of the Following Is True Regarding Decision Making Environments

question 61

Multiple Choice

Which of the following is true regarding decision making environments?

• A)Most business decisions are made in an environment of uncertainty.
• B)Most business decisions are made in an environment of certainty.
• C)Certainty means that probabilities of each possible outcome are known.
• D)Uncertainty means that probabilities of each possible outcome are known.

Understand the impact of locational determinants on business operations.

Recognize the role of supply chain dynamics and how sourcing strategies affect inventory levels.

Explain the grid technique and its purpose in determining facility locations.

Identify the characteristics and limitations of optimization models.

---

Definitions:

Marketing Mix

The combination of factors that can be controlled by a company to influence consumers to purchase its products.

Distribution Activities

The processes involved in making a product or service available for use or consumption by a consumer or business user.

Product

An item or service created through a process and offered to a market to satisfy a want or need.

Joint Venture

A joint venture is a strategic alliance where two or more parties, usually businesses, form a partnership to share markets, intellectual property, assets, knowledge, and profits.