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MGMT 303 Business Decisions Week 2 Discussions 1 Managers, most business decisions are made under conditions of either risk or uncertainty. What is the difference between risk and uncertainty (please cite your sources)? In your opinion, is it easier to make a decision under a condition of risk or a condition of uncertainty? Why? Give an example from your experiences to support your answer. When it comes to risk and uncertainty, which would be easy to determine in an organization? A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each alternative, and the outcome of each alternative. Under conditions of certainty, accurate, measurable, and reliable information on which to base decisions is available. The cause and effect relationships are known and the future is highly predictable under conditions of certainty. Such conditions exist in‌

MGMT 303 Business Decisions Week 2 Discussions 1