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A key element in decision-making under risk and uncertainty is intuition.
Decision-Making
The cognitive process of selecting a course of action among multiple alternatives to achieve a specific goal.
Risk
The potential for loss or adverse outcomes arising from a variety of factors, including financial, operational, reputational, or external events.
Uncertainty
The state of having limited knowledge where it is impossible to exactly describe existing states or future outcomes.
- Acknowledge the contribution of instinct, heuristic methods, and ethics in the decision-making process.
- Recognize the difficulties and strategies associated with making decisions under conditions of uncertainty and risk.
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Learning Objectives
- Acknowledge the contribution of instinct, heuristic methods, and ethics in the decision-making process.
- Recognize the difficulties and strategies associated with making decisions under conditions of uncertainty and risk.
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