A _____ is a representation of reality or a real-life situation. a. objective b. model c. analysis d. algorithm A controllable variable is also called a _____ a. parameter b. decision variable c. mathematical model d. measurable quantity What makes the difference between good decisions and bad decisions? a. A good decision is based on logic. b. A good decision considers all available data. c. A good decision considers all alternatives. d. A good decision applies quantitative approaches. In decision making under _____ there are several possible outcomes for each alternative, and the decision maker does not know the probabilities of the various outcomes. a. risk b. certainty c. uncertainty d. probability In decision making under _____, there are several possible outcomes for each alternative, and the decision maker knows the probability of occurrence of each outcome. a. risk b. certainty c. uncertainty d. probability