In an essay of no less than three pages, explain (1) the criteria for decision-making under uncertainty and (2) decision-making under risk. What is the difference between these two “other-than-certainty” classifications? Include examples of each in the essay.Be sure to provide research to support your ideas. Use APA style, and cite and reference your sources to avoid plagiarism.
Quantitative Analysis for Management (Barry Render)
Chapter 3: Decision Analysis, pp. 67-85; and Section 3.10, Utility Theory, on pp. 88-89
Class MSL 5080 Methods for Analysis for Business Operations