Question

When the decision maker must consider several possible outcomes for each alternative, each with a given probability of occurrence, this is decision making under a. uncertainty. b. risk. c. duress. d. certainty.

Answer 1

This is considered as decision making under risk.

Decision Making Under Risk

A circumstance in which the implications of the chosen course of action and the likelihood that it will occur are understood is referred to as decision-making under risk . For instance, the lottery selection tasks are frequently employed to examine the nature of decision-making in risky situations.

We make the assumption that there are two or more choices and that each alternative's characteristics are explicitly specified. For each attribute, the CV (coefficient of variation) is configured in case of such decision under risks. And, since in the given question, decision maker is supposed to consider several possible outcomes for each alternative, each with a given probability of occurrence. Thus the decision made will be decision under risk.

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