Management accounting--decision management: Ian Janes offers his guide to a problem area for P2 candidates: the approaches that managers can take when faced with "risky" decisions.(study notes)

Financial Management (UK) | December 1, 2008| | Copyright

Several decision-making techniques are available to a manager facing a range of possible outcomes from a course of action. Generally, the technique chosen will depend largely upon the manager's level of knowledge about the likelihood of their occurrence and also upon the number of areas of uncertainty concerned (a topic that I will address in a future article).

In discussions about decision-making problems, the words "risk" and "uncertainty" are often used interchangeably, but students need to be aware of the key difference between them. "Uncertainty" refers to ...

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