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Decision making under risk refers to the process where managers make choices in situations where the outcomes of each alternative are uncertain, but the probability of each outcome can be estimated. Unlike certainty, where results are predictable, risk involves an element of uncertainty that can be quantified. In management, decision making under risk is crucial because most business environments involve unpredictability in markets, customer behavior, ______ ________ ___ __________ _______ ________ _________ _____.
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