The decision situations wherein the decision-maker chooses to consider several possible outcomes and the probabilities of their occurrence can be stated are called _____________.
The correct answer to the following question will be "Decisions under risk".
Explanation:
When those risks are known or could be inferred, the option of an appropriate strategy based on such probabilities is called under-risk decision-making.
Risk means a degree or a level of uncertainty as well as an inability to effectively predict the effects or effects of an event.
