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When managers know the possible outcomes of a decision and can assign probabilities to each of these outcomes in terms of their likelihood of occurrence in the future this is known as?
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∙ 12y ago
risk
Wiki User
∙ 12y ago
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What is risk projection?
Risk projection, also called risk estimation, attempts to rate each risk in two ways-the likelihood or probability that the risk is real and the consequences of the problems associated with the risk, should it occur. The project planner, along with other managers and technical staff, performs four risk projection activities: (1) Establish a scale that reflects the perceived likelihood of a risk, (2) Delineate the consequences of the risk, (3) Estimate the impact of the risk on the project and the product, and (4) Note the overall accuracy of the risk projection so that there will be no misunderstandings
Why do managers need to know statistical methods?
because there are projects that include statistical methods.
Which is a better certification PMP or six sigma?
Both have their own importance and usage. PMP is for people who are project managers while Six Sigma is for people who are quality oriented
An experiment involves selecting a random sample of 256 middle managers for study One item of interest is annual income The sample mean is computed to be 35420 and the sample standard deviation is 205?
The deviation would be how much off it would be off. Since this is a sample, it is impossible to get completely accurate results.
What do you think about including opportunity cost in the performance evaluation of a data mining model?
Opportunity cost can be defined as the cost of any activity measured in terms of the value of the next best alternative foregone (that is not chosen). It is the sacrifice related to the second best choice available to someone, or group, who has picked among several choices. Opportunity Cost is a choice depends on what has to taken up. We can have an option of two or more options has Opportunity cost. Opportunity Cost is helpful when calculating the price and profit of choices. Although opportunity costs are not generally considered by accountants-financial statements only include explicit costs, or actual outlays-they should be considered by managers. Most business owners do consider opportunity costs whenever they make a decision about which of two possible actions to take. Small businesses factor in opportunity costs when computing their operating expenses in order to provide a bid or estimate on the price of a job.
How can managers avoid risk in decision making?
can the managers avoid making decisions
How does working in a way which manages risk reduce the likelihood of clients being abused?
The hands on approach management of the managers will definitely reduce the likelihood of clients being abused.
Manager who executed a legally sound decision?
Managers who executed a legally sound decision
What is the importance of financial statement to the managers?
to make a decision
What is the difference between strategic decision administrative decision and operational decision?
Strategic decisions are made by executive level managers. Operational decisions are made by line managers. Operational decisions can change from day-to-day.
HRM affect all managers?
Yes, indeed HRM affects the decision making of all the managers.
Which systems are intended to help individual managers in their decision making capability?
Decision Support system
How should managers monitor the progress of decision implementation?
Managers should monitor the progress of decision implementation by watching productivity. If productivity increases, then they have likely made the right decisions.
How does marketing research aid marketing managers in decision making disscuss with suitable example?
Marketing Research aid Marketing Managers in decision making . Discuss with suitable examples?
Challenges facing managers in regards to decision making?
Opinions may vary. One challenge that faced managers is making the right decision to a tough problem given a limited time.
Role of quantitative techniques in decision making?
Quantitative techniques in decision-making helps managers make decisions that are best for the organization. With numbers supporting decisions, managers can get the support of top management.
Why Managers should know about research?
for proper planning and decision making.
