Give three examples of personal or business problems thats e

Give three examples of \"personal\" or business problems that\'s encountered: one that involved the condition of certainty, one that involved risk, and one that involved incertainty. What process is used to resolve these problems?

Solution

Problem of Certainity

One of the problems could be when the inventory levels fall below the safety level so the person has to place an order for the material when the levels fall otherwise problem will occur. In such conditions it is known what will happen if the decisions are not taken.

Problem one that involved Risk

Investing in a stock is a risky decision as investing might be a straight decision but the outcomes i.e. returns earned could be zero, positive and negative with each having its probability.

Problem invovling uncertainity

If there is an announcement of a storm coming some people might flee to safe zones while some might stay back just to see if the storm comes and delaying the flee decision to as late as possible.