Many emergent technologies are sprouting in the Cannabis industry. What decisions in the industry can be classified...
Many emergent technologies are sprouting in the Cannabis industry. What decisions in the industry can be classified as being under uncertainty and what decisions can be classified as being under risk? Support your answers and limit your response to not more than 4 decisions.
Homework Answers
A decision is considered to be taken under risk when there is certain probability that it may happen in future. A decision is considered to be taken under uncertainty when there is no associated probability that the incident or action may happen in future.
Some decisions taken in the Cannabis industry:
· The decision to put more safeguards to stop illegal smuggling of cannabis – There is certain probability associated with this decision as there is a black market cartel ready for smuggling cannabis. Hence this decision has been taken under risk.
· The decision of developing hybrid versions of cannabis to treat coronavirus – There is no probability associated with this incident as it is not evident that cannabis can be used to stop coronavirus transmission. Hence this decision has been taken under uncertainty.
· The decision of producing extra tons of cannabis as there is probability of floods in the region – If there is probability of floods in the region, there is high chance that the floods may destroy the crop. Hence the decision to produce extra tons of cannabis is based on risk.
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Many emergent technologies are sprouting in the Cannabis
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