Risk describes __________.
A)the situation when the decision maker has no knowledge of outcome probabilities
B)the situation when the decision maker has knowledge of alternatives but not their likely outcomes
C)a situation when the decision maker has some probabilistic estimate of the outcomes of each alternative
D)a decision making condition that is typically avoided by management

Question

Quizplus · Accepted Answer

Risk refers to a situation where the decision maker has some probabilistic estimate of the outcomes of each alternative. Option A describes uncertainty, option B describes ambiguity, and option D is a subjective perception and not a well-defined decision-making condition.

Risk Describes __________