decision theory

noun Statistics.
the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.

1960–65 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
decision theory
statistics See also game theory the study of strategies for decision-making under conditions of uncertainty in such a way as to maximize the expected utility

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Computing Dictionary

decision theory definition

A branch of statistics concerning strategies for decision making in non-deterministic systems. Decision theory seeks to find strategies that maximise the expected value of a utility function measuring the desirability of possible outcomes.

The Free On-line Dictionary of Computing, © Denis Howe 2010
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Example sentences
Conventional decision theory cannot explain why humans make paradoxical choices.
For certain other situations, decision theory is an appropriate tool.
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