decision theory

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decision theory

[di′sizh·ən ‚the·ə·rē]
(systems engineering)
A broad spectrum of concepts and techniques which have been developed to both describe and rationalize the process of decision making, that is, making a choice among several possible alternatives.

decision theory

(probability)
A branch of statistics concerning strategies for decision making in non-deterministic systems. Decision theory seeks to find strategies that maximise the expected value of a utility function measuring the desirability of possible outcomes.
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This helps to ensure that the decision strategy will be robust.
99% availability with average processing time for a complex decision strategy between 2 - 3 seconds.
Eric Bickel, an assistant professor at Texas A&M, showed how baseball - a popular topic among young people - could be used as a platform for teaching decision strategy.
StrategyWare is a comprehensive and flexible decision strategy creation and management system used in new account origination.
Apollo Enterprise Solutions LLC, the leading provider of web-based payment and collection technology, announced today that John Furjanic has joined the company as Executive Vice President, Analytics & Decision Strategy.
SMARTS uniquely leverages data in the decision management environment to facilitate the capture business rules in the context of use cases, assess the impact of changes in the decision strategy, and combine decision logic revealed in historical data with business rules based on business policy and expertise.
When a new loan application is processed, it is automatically routed through Akbank's chosen decision strategy to the appropriate action -- such as accept, or request additional information.
It could be something small, like taking a new attribute into account in a credit decision, or it could be a whole different decision strategy.
Strategy Science allows Truworths to graphically view data to gain insights into the optimal decision strategy and overlay business judgment before the final strategy is implemented in TRIAD with ease and immediate business benefit.
Scorto Strategy Maven unites advanced analytics, business rules and business process management into a simple visual decision strategy editor.
StrategyWare is a comprehensive and flexible decision strategy management system that gives credit analysts and other business users a sophisticated ability to design, test and execute complex decision strategies, without relying on programming support.

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