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decision theory

noun, Statistics.
1.
the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.
Origin
1960-1965
1960-65
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for decision-theory

decision theory

noun
1.
(statistics) the study of strategies for decision-making under conditions of uncertainty in such a way as to maximize the expected utility See also game theory
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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