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Handling Uncertainty in Decision Making

By:Rodrick Carpenter II From: Jacksonville, Florida USA. Handling Uncertainty in Decision Making. Definition:. A decision-making environment in which several outcomes or states of nature can occur. Probabilities of these outcomes, however, are not known. .

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Handling Uncertainty in Decision Making

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  1. By:Rodrick Carpenter II From: Jacksonville, Florida USA Handling Uncertainty in Decision Making

  2. Definition: A decision-making environment in which several outcomes or states of nature can occur. Probabilities of these outcomes, however, are not known.

  3. Uncertainty in United States Of America • Some States in The U.S. currently have some uncertainties in the biophysical area and face challenges in balancing rural industry and urban development. • Drought is one of the main Risk faced by: • Farmers • Ranchers • Villages • Cities • Cattle & Other live stock.

  4. Barriers To Drought Risk Management • Many farmers and ranchers suffer from drought due to lack of awareness. • Some Plantation farmers only remember the first, worst & recent droughts during their time. • Recurrence of drought can lead to change in response pattern.

  5. Drought Chart In the U.S.

  6. Handling Uncertainty in decision making in The U.S. • Each business transaction or decision that is being made affects the government along with employment. • Currently economic growth is being delayed by uncertainty of: • Future Tax Rates. • Government Purchases. • Future Retiree Benefits & other factors that detour the U.S. From achieving their long term goal.

  7. Discovering Uncertainty in Corporations • Many major companies like JP Morgan, Eli Lilly & Ford motor company have uncertainties everyday about their Sales, Revenue & Liabilities. • Most companies take Risk everyday to keep their business alive such as: • letting go Good employees so that the owner can make more money. • Not Providing Interns to students.

  8. Uncertainty in Government Expenditures • Cutting government expenditures can be very risky for Some companies & Workers. why? • It could cut into the markets that they sell into. • Lost of Sales. • Drop In Revenue. • could Affect health care reform. • Higher Unemployment Rate

  9. Uncertainty In Employment Decisions • Many business owners, CEO´s , CFO’s, are uncertain when it comes to making hiring decisions. Why? • Some are full with Greed. • Many can't afford to Pay for more employees. • Not Fully Organized. • Stock Market crashed.

  10. To Conclude • Uncertainty can occur when it comes to making Big business deals that can affect a city, state or nation. • If you are mentally and Physically prepared you shall overcome.

  11. Thank You For Your Time And Patience! Have A Good Evening!

  12. “Work Cited” • Drought, Risk Management, and Policy. (n.d.). Google Books. Retrieved May 8, 2014, from http://books.google.at/books?id=BhdLwpNo5PEC&pg=PA209&lpg=PA209&dq=handling+uncertainty+in+decision-making+in+Florida+(risk+management)&source=bl&ots=cxhImU8JgW&sig=874n8eSxVBR2qVXxKZuMi_7sNAs&hl=en&sa=X&ei=Un1rU5q1KKWg0QWT4YDwAQ&ved=0CHoQ6AEwCA#v=onepage&q=handling%20uncertainty%20in%20decision-making%20in%20Florida%20(risk%20management)&f=false URL: http://opinion.financialpost.com/2013/06/04/u-s-economy-needs-clear-road-map/ Article Title: Business decision-making 'well nigh impossible' amid U.S. policy uncertainty: Dallas Fed chief Website Title: Financial Post Opinion Business decisionmaking well nigh impossible amid US policy uncertainty Dallas Fedchief Comments

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