A description of the range and relative likelihood of possible values of an uncertain variable is known as a

a. simulation optimization.
b. probability distribution.
c. risk analysis.
d. base-case scenario.

(B) Probability distribution

Explanation:

  The probability distribution is one of the type of statistical based their which provide the different types of possibility of occurrence the different possible results in the given experiment as it is also refers as the expected value.

The main use of probability distribution is that it is helpful in calculating the various types of events and then summarizing the different types of possible result or value of the given random variable.

According to the question, the uncertain variable in the given description is know as the probability distribution process. Therefore, Option (B) is correct answer.