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Long-term decision is not a process of making the future decision but a means

Long-term decision is not a process of making the future decision but a means

Long-term decision is not a process of making the future decision but a means of reflecting the future in today’s decision. The future conditions for a decision vary along a continuum ranging from conditions of perfect certainty to conditions of complete uncertainty. Risk is a situation where the decision maker

[A] Knows, with reasonable certainty, what the alternatives are and what conditions and outcomes are associated with each alternative

[B] Has incomplete information about available alternatives but has a good idea of the probability of particular outcomes associated with each alternative  

[C] Is not aware of all available alternatives and the probability of the outcomes associated with each alternative

[D] Both (b) and (c) of the above Show 

Liam Smith 28-Nov-2017

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