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decision theory

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

Origin of decision theory

First recorded in 1960–65
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
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 utilitySee 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