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Modern Management: concepts and skills, 14/e
book

Modern Management: concepts and skills, 14/e

by Samuel C. Certo, S. Trevis Certo
December 2014
Beginner content levelBeginner
480 pages
118h 48m
English
Pearson
Content preview from Modern Management: concepts and skills, 14/e

Decision-Making Tools

Most managers develop an intuition about what decisions to make—a largely subjective feeling based on years of experience in a particular organization or industry, which gives them insights into decision making for that industry or organization.34 Although intuition is often an important factor in making a decision, managers generally emphasize more objective decision-making tools. The two such most widely used tools are probability theory and decision trees.35

Probability Theory

Probability theory is a decision-making tool used in risk situations—situations in which decision makers are not completely sure of the outcome of an implemented alternative.36 Probability refers to the likelihood that an event or outcome will ...

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Publisher Resources

ISBN: 9780134729138