A decision situation where some information is known and probabilities can be assigned to alternative solutions reflects a decision made under:
A)uncertainty
B)randomness
C)certainty
D)risk

Question

Quizplus · Accepted Answer

Probabilities can be assigned to alternatives in a decision made under risk. Under uncertainty, the probabilities of outcomes are unknown, while randomness refers to events that cannot be predicted or controlled. In a decision made under certainty, all information is known and the outcome is guaranteed.

A Decision Situation Where Some Information Is Known and Probabilities