Chapter 4 - Decisions & Problems

mitigating risk - still have to live with outcomes of decisions

could be known/anticipated risk

programmed decision: follow the plan

could be unknown risk/surprise

non-programmed decision-making: what do we do now?

making choices under conditions of scarcity

limited time, budget, resources

strategizing, looking ahead to maximize utility with decision outcome

what-if scenarios appropriate

assessing risk when weighing outcomes (IF this happens, THEN we'll do x)