Friday, March 9, 2012

1.      Decision making is the process of sufficiently reducing uncertainty and doubt   about alternatives to allow a reasonable choice to be made from among them.

This definition stresses the information-gathering function of decision making. It should be noted here that uncertainty is reduced rather than eliminated. Very few decisions are made with absolute certainty because complete knowledge about all the alternatives is seldom possible. Thus, every decision involves a certain amount of risk. 

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