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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.


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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Word History and Origins

Origin of decision theory1

First recorded in 1960–65

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decision tabledecision tree