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Explan the concept of risk SECTION III: ESSAY QUESTIONS [3 x 10 #30 Points]. Instruction: Answer ANY THREE (3) questions from below. Explain the concept

Explan the concept of risk

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SECTION III: ESSAY QUESTIONS [3 x 10 #30 Points]. Instruction: Answer ANY THREE (3) questions from below. Explain the concept of risk analysis and how Monte Carlo simulation can provide useful information for making decisions. 2.0 Which is better; group decision or Individual decision? Justify your answer? What is the representativeness heuristic referring to and how is it applied in the working arena? Discuss Us using examples three effects of emotions on decision making. What are the challenges and pitfalls

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