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.

Book:

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