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Answer :
B) When managers are unable to even assign probabilities to the outcomes attached to various problem-solving alternatives, Uncertainty exists.
Uncertainty in decision-making occurs due to the variability and unpredictability of future events. Despite advancements in predictive analytics, real-world complexities mean precise calculations are frequently unattainable.
Various frameworks and methods exist to manage uncertainty, but they often require significant mathematical prowess and an understanding that sometimes only a range of probabilities can be provided rather than exact figures.
The European Commission indicates that ignoring uncertainty can lead to poor decision-making. Utilizing intuition, experience, and creativity becomes crucial in navigating these scenarios.
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