A software firm is considering introducing a new product on the market. However, managers cannot estimate the probability of success for the new product. Which of the following best describes the situation?
A)risk
B)uncertainty
C)bounded rationality
D)incomplete information

Question

Quizplus · Accepted Answer

Uncertainty refers to situations where the probability of outcomes cannot be determined, which is the case here as managers cannot estimate the probability of success for the new product.

A Software Firm Is Considering Introducing a New Product on the Market