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When analysing decision problems under uncertain conditions, several issues emerge that complicate managerial decision-making. Uncertainty refers to situations where the probabilities of outcomes are unknown or only partially known, making it difficult to apply standard quantitative techniques that rely on precise probability distributions. Unlike risk, where outcomes and their likelihoods are measurable, uncertainty requires managers to rely on judgment, scenario analysis, or subjective probability estimates, which introduces a level of ambiguity into decision-making. One major issue is lack of reliable data. Under uncertainty, historical data may not adequately represent future outcomes, making statistical models less dependable. Managers may ___ _______ ______ ___ _______ ___ __________.
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