Describe relevant sources of uncertainty and how these may affect the decision process – is uncertainty easy to quantify?

Decision Analysis

Based on a single decision problem, students should write a report that addresses the following points:
1. Describe a complex business decision problem. The problem may be real or imaginary (don’t forget to include appropriate references if you’re using a real problem). You must provide relevant context – why is the decision important, why is the decision process taking place at this time, etc.
2. Define and provide a reasonably detailed description of:
• the goal and scope of the decision process;
• at least two feasible alternatives;
• at least one measure or metric for the quality of the decision process outcome.
3. Describe relevant sources of uncertainty and how these may affect the decision process – is uncertainty easy to quantify?
4. Describe possible sources of risk in the context of this decision problem.