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(a) The decision-maker has complete information about available alternatives, and has a good idea of the probability of particular outcomes for each alternative(b) The decision-maker has complete information about available alternatives, but has no idea of the probability of particular outcomes for each alternative(c) The decision-maker has incomplete information about available alternatives, but has a good idea of the probability of particular outcomes for each alternative(d) Future environment is unpredictable and everything is in a state of flux(e) The decision-maker is not aware of all alternatives, the risks associated with each, or the consequences of each alternative, or their probabilities.
(C) Thank You.
(c)
The characteristic of decision-making under risk is that the decision-maker has incomplete information about available alternatives, but has a good idea of the probability of particular outcomes for each alternative. Hence, option (c) is correct.
(D) as not being certian about the choices available and future is actually what the risk refers to.
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(c) The decision-maker has incomplete information about available alternatives, but has a good idea of the probability of particular outcomes for each alternative
