Risk environments exist when decision makers lack complete certainty regarding the outcomes of various courses of action,but they are aware of the probabilities associated with their occurrence.

Question

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In a risk environment, decision makers have some level of knowledge or certainty about the probabilities of different outcomes, although they may not have complete certainty. This distinguishes it from an uncertain environment where probabilities cannot be determined.

Risk Environments Exist When Decision Makers Lack Complete Certainty Regarding