Decision making under risk page 144

Probabilistic

• From wiki: is a way of expressing knowledge or belief that an event will occur or has occurred. More...

Stochastic

• from wiki: A stochastic process is one whose behavior is non-deterministic in that a system's subsequent state is determined both by the process's predictable actions and by a random element. More...

Decision maker must consider several possible outcomes for each alternative, each with a given probability of occurance.