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Maxims: The impact of Risk and Uncertainty on Decision Making and Forecasting

Posted on: 02-Feb-2009

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Risk is when an outcome’s probability is known. Uncertainty is when an outcome’s probability is unknown. Timing is crucial. Know which is which before you weigh your decisions. Wait too long to get all the facts together and opportunity is lost. Move too early and what seemed to be an opportunity may be a mirage. The finer your ability to resolve risk from uncertainty and the better your ability to grade the facts at hand, the better will be your ability to time your decisions.

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About weQuest:
weQuest's are written by G Dan Hutcheson, his career spans more than thirty years, in which he became a well-known as a visionary for helping companies make businesses out of technology. This includes hundreds of successful programs involving product development, positioning, and launch in Semiconductor, Technology, Medicine, Energy, Business, High Tech, Enviorntment, Electronics, healthcare and Business devisions.

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