Decision-making
In psychology, Decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a Reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.
Research about decision-making is also published under the label problem solving, particularly in European psychological research.
Simply put, decision theory is an analysis of decision-making process. It seeks to evaluate how choices are made. Decision theory is a logical study of how decisions are made in a structure or system where the decision environment is uncertain and the decision variables unknown. Decision theory draws tools from mathematics, philosophy, statistics and psychology in analysing how decisions are made. This theory also has to do with how choices are logically made based on probabilities and uncertain consequences. ― Decision Theory - Explained - The Business Professor, LLC