All problems related to decision making under uncertainty have three common elements:
A) the mean, median, and mode
B) the set of decisions, the cost of each decision and the profit that can be made from each decision
C) the set of possible outcomes, the set of decision variables and the constraints
D) the set of decisions, the set of possible outcomes, and a value model that prescribes results

Question

All problems related to decision making under uncertainty have three common elements:
A) the mean, median, and mode 
B) the set of decisions, the cost of each decision and the profit that can be made from each decision 
C) the set of possible outcomes, the set of decision variables and the constraints 
D) the set of decisions, the set of possible outcomes, and a value model that prescribes results

Quizplus · Accepted Answer

Decision making under uncertainty involves identifying the available decisions, understanding the possible outcomes of those decisions, and using a value model to predict the results of each decision, thus guiding the decision-making process.

All Problems Related to Decision Making Under Uncertainty Have Three