Uncertain about Uncertainty: Some Observations on Probability and Decision Making
Charles J. Shelley
(Principal if AQA, Applied Quantitative Analysis, Inc. a management consulting firm, and Assistant Professor of Management at Suffolk University. )
584
Abstract
Sets out the simple structure of a decision dilemma. Shows how to evaluate the possible scenarios that could be encountered. Discusses the role of probability and shows how to combine probability and economic consequences into a simple comparison between risky and conservative courses of action. Concludes that uncertainty need not stop decision making; dilemmas can be resolved.
Keywords
Citation
Shelley, C.J. (1991), "Uncertain about Uncertainty: Some Observations on Probability and Decision Making", Journal of Business & Industrial Marketing, Vol. 6 No. 1/2, pp. 5-13. https://doi.org/10.1108/EUM0000000002747
Publisher
:MCB UP Ltd
Copyright © 1991, MCB UP Limited