Which of the following characterizes decision-making under uncertainty?
A)Decision-makers must rely on probabilities in assessing outcomes.
B)The likelihood of possible future events is unknown.
C)Relevant parameters have known values.
D)Certain parameters have probabilistic outcomes.
E)none of the above

Question

Quizplus · Accepted Answer

Decision-making under uncertainty involves situations where the likelihood of possible future events is unknown, making it difficult to predict outcomes accurately.

Which of the Following Characterizes Decision-Making Under Uncertainty