The classification of decision-making situations is based on ______ about the states of nature
A)degree of uncertainty
B)frequency of occurrence
C)time of occurrence
D)length of occurrence

Question

Quizplus · Accepted Answer

The classification of decision-making situations is based on the degree of uncertainty about the states of nature, which ranges from complete certainty to complete uncertainty. The other options, such as frequency of occurrence, time of occurrence, and length of occurrence, may be relevant factors to consider in decision-making, but they do not form the basis for classifying decision-making situations.

The Classification of Decision-Making Situations Is Based on ______ About