Which of the following means that the decision maker has all information needed to make an optimal decision?
A)certainty
B)ambiguity
C)concomitant variation
D)non-spurious association

Question

Quizplus · Accepted Answer

Certainty refers to a situation where the decision maker has all the necessary information and knows the outcomes of all possible alternatives, enabling them to make an optimal decision. In contrast, ambiguity (B) refers to a situation where the decision maker does not have all necessary information and is uncertain about the outcomes of different alternatives. Concomitant variation (C) and non-spurious association (D) both refer to statistical relationships between variables, not the completeness of information available to a decision maker.

Which of the Following Means That the Decision Maker Has