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Based on the degree of certainty involved, every decision-making situation falls into one of the three categories: (i) certainty, (ii) risk and (iii) uncertainty. When predictability is lower, a condition of risk exists. 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 (e) The decision-maker is not aware of all alternatives, the risks associated with each, or the consequences of each alternative, or their probabilities. |
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