decision theory


noun Statistics.

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

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
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