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
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