Ice Creams and Risk & Uncertainty

About this episode

This episode discusses how ice cream sellers make decisions regarding production in the face of risk and uncertainty.

Sun’s out… ice cream vans are back… but how does an ice cream seller decide how much to make? In this episode of PM in the PM, we break down a classic ACCA Performance Management scenario using a simple, real-world example: Maximax Maximin Minimax regret Expected value With the added twist of perishable stock (must sell or throw away) and imperfect information (weather forecasts), this becomes a perfect PM discussion.

People in this episode

Host: Richard Guyver

Topics covered

• performance management
• risk and uncertainty
• decision making
• perishable stock
• real-world examples

Keywords

• ice cream
• risk
• uncertainty
• performance management
• decision making
• perishable stock
• Maximax
• Maximin
• Minimax regret
• expected value

Mentioned in this episode

Organizations: ACCA

Products: ice cream

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