Question

Agree or Disagree? Why?

“Are decision makers risk takers or risk avoiders?” I believe it is all relative. We can make decision with or without probability. There are different approaches that can be taken when making decisions without probability, such as the Optimistic Approach, Conservative Approach and the Minimax Regret Approach. These approaches vary in what each evaluates to essentially what is the best or worst outcome. “Many people think of a good decision as one in which the consequence is good. However, in some instances, a good, well-thought-out decision may still lead to a bad or undesirable consequence while a poor, ill-conceived decision may still lead to a good or desirable consequence.” I like this quote because it really shows that no situation is the same and a desired outcome is just that, desired. It is hard to tell the effects of a decision until the outcome has prevailed. So to answer the question, decision makers can be both risk takers and risk avoiders, it just depends on the situation and the process that led the decision maker to the decision and why.

Answer 1

The explanation above is good and complete.

The decision maker is a person who takes decisions based on the merit ,considers all factors and evaluates his decisions based on that before finalizing one. Judging a decision based on the result of that decision is also incorrect since there is always uncertainty enclosed in certain unforeseen and unfortunate events that you can not account for.

A decisiob maker is the person that acts on the merits of the decision, situation and the consequences tied to that event. There is no perfect definition of a decision maker in regards to his reaction to risks since the risks do not paint a complete picture of a particular situation.