________ is a situation in which a decision-maker has only incomplete information about outcomes and does not have the ability to reasonably estimate outcomes that are not known.
A)Low risk
B)Uncertainty
C)Risk
D)Certainty

Question

Quizplus · Accepted Answer

Uncertainty refers to a situation where a decision-maker lacks complete information about the outcomes and cannot reasonably estimate unknown outcomes. In contrast, in a situation of low risk, probability estimates can be made for known outcomes, while in a situation of certainty, the outcome is known with complete confidence. Risk refers to a situation where a decision-maker can estimate the probabilities of different outcomes based on available information.

________ Is a Situation in Which a Decision-Maker Has Only