Final answer:
Factors that impact decision outcomes but are not observable by the manager are known as Hidden Variables. These can influence supply, productivity, and many other business aspects and require careful analysis to mitigate.
Step-by-step explanation:
The factors that have an impact on the outcome of a decision that can't be seen by the manager are referred to as Hidden Variables. These include aspects such as unintended irregularities in the object being measured, the skill of the person making the measurement, or other unanticipated circumstances affecting the outcome. Managers must consider all possible elements that could introduce uncertainty, which may involve human factors like supervisorial style or physical factors like natural disasters and changes in the cost of inputs.
These hidden variables can have a substantial impact on supply, demand, productivity, and overall business operations. They often require a careful analytical approach to identify and mitigate risk, despite not being immediately observable or quantifiable.