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Based on the degree of certainty involved, every decision-making situation falls into one

Based on the degree of certainty involved, every decision-making situation falls into one

Based on the degree of certainty involved, every decision-making situation falls into one of the three categories. i.e., certainty, risk and uncertainty. In this regard, which of the following is a characteristic of decision-making under risk?

[A] The decision-maker has complete information about available alternatives, and has a good idea of the probability of particular outcomes for each alternative

[B] The decision-maker has complete information about available alternatives, but has no idea of the probability of particular outcomes for each alternative 

[C] The decision-maker has incomplete information about available alternatives, but has a good idea of the probability of particular outcomes for each alternative

[D] Future environment is unpredictable and everything is in a state of flux Show Answer 

Liam Smith 30-Nov-2017

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