your company needs to make an important decision that involves large monetary consequences. you have listed all of the possible outcomes and the monetary payoffs and costs from all outcomes and all potential decisions. you want to use the emv criterion, but you realize that this requires probabilities and you see no way to find the required probabilities. what can you do? (p.284).

If the probability is not known, the company might decide to use the Maximin and Maximax decision-making approaches. The opportunistic decision-making style is another option to choose from.

What should the company do if the probability is not known?

If the probability is not known, it is left to the company to resort to other business decision-making approaches. For instance, the company might want to consider the options with the least awful consequences and opt for that.

They may also want to consider the options with the most favorable outcome and go for that. The opportunistic style is another decision-making option that can be chosen when an analyst does not find the required probabilities.

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