When probabilities can be assigned to the occurrence of states of nature in the future,the situation is referred to as
A)decision making under risk
B)decision making under certainty
C)decision making under uncertainty
D)none of the above

Question

Quizplus · Accepted Answer

In decision making under risk, probabilities can be assigned to the occurrence of states of nature in the future. This allows decision makers to evaluate the potential outcomes and make informed decisions based on the level of risk involved.

When Probabilities Can Be Assigned to the Occurrence of States