A situation in which a decision maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as
A) certainty.
B) risk.
C) uncertainty.
D) strategy.

Question

Quizplus · Accepted Answer

Risk is the correct answer because it describes a situation where the outcomes and their probabilities are known, allowing for decision-making under conditions where there is a known likelihood of various outcomes.

A Situation in Which a Decision Maker Knows All of the Possible