Decision making under Certainty, Uncertainty & Risk taking

1)    In certainty, outcome is predictable. Data are available. Cause & effect relationship is known

2)    In uncertainty, outcome is unknown. Data is limited. No help from past experience

3)    In risk, information is available, but it is incomplete. One estimates the probabilities of the outcome.

4)    All decisions are combination of the above three types. The proportion may vary.