answer:The probability of going from one state to another given an action is called the transition probability. It represents the likelihood of transitioning from the current state to a given state, based on taking a certain action.

answer:The level of risk is high in a decision-making system which has high standard deviation, as this indicates greater variability or uncertainty in the potential outcomes. A decision made under conditions of high variability or uncertainty carries a greater risk of unfavorable or unexpected results.

answer:The saddle point should be 0 in a fair game. A saddle point is a point in game theory that represents a situation where a player has a minimax strategy, and the opponent has a maximin strategy. In a fair game, where the expected payoff of each player is equal, the saddle point is typically zero.

answer:In decision-making under certainty, there is only one state of nature. This means that the outcome of each decision alternative is known with certainty, and there is no variability in the potential outcomes. Therefore, the decision maker can make a logical and optimal decision based on this certainty.