A situation in which a decision-maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as__________.
A. risk
B. certainty
C. uncertainty
D. all of the above
Answer:A
A situation in which a decision-maker knows all of the possible outcomes of a decision and also knows the probability associated with each outcome is referred to as__________.
A. risk B. certainty C. uncertainty D. all of the above