Risking is Rewarding: A Lesson

Decision-making Uncertainty.

In the management process, decision-making has a pivotal role. Experts classify decision-making into three categories. Decision-making under (1) certainty, (2) risk and (3) uncertainty. Here is class example from history for the third category   

Back in 1492, supporting the venture of sailing west to India had all the elements of risk, uncertainity. Still  Columbus managed to talk Spain’s King Ferdinand and Queen Isabella into letting him sail off in search of a hypothetical passage to India. Happily, King Ferdinand got the out of the way and let Isabella sell her jewels to finance the project.