The difference between making decisions under perfect and imperfect information situation is that in a situation where there is perfect information the uncertainty in the situation is resolved while when there is imperfect information decision making is done with the…
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Decision-making under uncertainty that is the case of imperfect information is always the case because of the inability to find perfect information in for decision-making. The ability to access perfect information for making decisions is impossible owing to impediments of costs and other factors including time that make it hard for a decision maker to find perfect information. Managers are mostly faced by situation where they have to make decisions instantly; hence, it is mostly the case that decision making under uncertainty is mostly the case for decision makers.
Imperfect information can largely be ignored in repetitive trials with small effects resulting from errors because the impacts are small, and the result from errors showing that the information could be the same were it not for the errors. The other reason for ignoring imperfect information is the inability of the information to have much impact on the probabilities or chances for making the correct decision; hence, they can largely be ignored. The need for the first-time success increases the demand for information as a measure of ensuring uncertainty is reduced in making the decision increasing the chances of making the correct decision. Availability of information for decision-making increases the possibility of first-time success by ensuring the decision maker knows the odds between making the correct and wrong decision. To augment the chances of first-time success, the demand for information increases to ensure the ability of making correct decision increases. The demand for information increases in first-time success owing to lack of previous data and the high uncertainty associated with first-time success owing to no proven record of accomplishment for decision making. In one-shot large potential loss situations, the information that is commonly available is the payoffs that the decision maker expects to get from a given decision from the highest to the lowest pay off accompanying any
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(Essay07 Essay Example | Topics and Well Written Essays - 500 Words)
“Essay07 Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/macro-microeconomics/1663720-essay07.
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