1) The document discusses risk and uncertainty in managerial decision making. It defines decision making as choosing among alternatives and outlines the decision making process. 2) It describes decisions under risk as having known probabilities and decisions under uncertainty as having unknown probabilities. Most major organizational decisions are made under uncertainty. 3) It provides a case study of Nirala Sweets, a Pakistani sweets company, and does a SWOT analysis identifying their strengths in quality, weaknesses in rewards and prices, and threats from competitors.