decision theory

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

Origin:
1960–65

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decision theory
 
n
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
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Computing Dictionary

decision theory definition

probability
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.
(1995-09-22)

The Free On-line Dictionary of Computing, © Denis Howe 2010 http://foldoc.org
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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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