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decision theory

noun Statistics.

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

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Nearby words

  1. decision,
  2. decision making,
  3. decision procedure,
  4. decision support system,
  5. decision table,
  6. decision tree,
  7. decision-making,
  8. decisive,
  9. decius,
  10. deck

Origin of decision theory

First recorded in 1960–65
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2019
British Dictionary definitions for decision theory

decision theory

noun

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