When decisions must be made with limited information because decision makers do not have full knowledge and cannot determine even a reasonable probability of alternative outcomes, they must make their decisions under a condition of risk.

Question

Quizplus · Accepted Answer

Decisions made with limited information and without being able to determine a reasonable probability of outcomes are made under a condition of uncertainty, not risk. Risk involves situations where the probabilities of outcomes are known.

When Decisions Must Be Made with Limited Information Because Decision