________ is a situation in which a decision maker has neither certainty nor reasonable probability estimates available.
A)Certainty
B)Risk
C)Uncertainty
D)Maximax
E)Maximin

Question

Quizplus · Accepted Answer

Uncertainty refers to a situation where the outcome cannot be predicted with any level of confidence due to the lack of information or knowledge regarding the likelihood of different possible outcomes. In contrast, risk implies that the decision maker has some knowledge about the probabilities associated with different outcomes. Therefore, in the case of uncertainty, decision making becomes more difficult as there is no clear basis for making a decision.

________ Is a Situation in Which a Decision Maker Has