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Making Decision in Uncertain Conditions - An Idea

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Title: Making Decision in Uncertain Conditions - An Idea


1
Making Decision in Uncertain Conditions - An Idea
"If you care about what people think about you,
you will end up being their slave. Reject and
pull your own rope" ? Auliq Ice
  • Presented By - www.Tools4Management.com

2
Why Should you Deal with Uncertainties?
  • Managers have to make decisions for the future of
    their organizations. Sometimes they have to make
    decisions when they are not aware either of the
    current conditions or the future results.
  • As a manager, you can apply decision making tools
    and techniques to manage successfully in
    uncertain conditions. Dealing efficiently with
    uncertainty can help you avoid risks in future

3
Risk Identification
  • Financial risks - Economic losses resulting from
    change in policy, poor resource allocation,
    decrease or increase in price of commodity and
    interest rate fluctuation.
  • Strategic risks - Risks arising from the
    investments made to achieve objectives and
    mission. Include transaction risks, investor
    relation risks and macroeconomic risks.
  • Legal risks - Risks from litigation threats in
    laws and regulations.
  • Operational risks - Risks arising from using low
    quality raw materials and due to production
    errors.

4
Risk Quantification
  • In this stage, managers need to calculate the
    amount of money they have to invest in case a
    crisis or risk occurs. In general sense, risk is
    the result you get after adding the probabilities
    of a risky outcome and multiplying that with the
    loss you think you might incur.

5
Risk Management
  • When risky activities are involved, the
    management should have the ability to transform,
    absorb and manage the risks. This process can
    tell you, if the organization can endure risks.
    If you realize that the organization has the
    ability to tolerate risks, you might take
    greater risks.
  • Implement effective decision-making tools and
    techniques to know what you should do when there
    is uncertainty in the organization.

6
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7
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