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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 ...
Multiple-criteria decision-making ( MCDM) or multiple-criteria decision analysis ( MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine). It is also known as multiple attribute utility theory ...
Members of the Shimer College Assembly reaching a consensus through deliberation. Consensus decision-making or consensus process (often abbreviated to consensus) is a group decision-making process in which participants develop and decide on proposals with the goal of achieving broad acceptance, defined by its terms as form of consensus.
Decision analysis (DA) is the discipline comprising the philosophy, methodology, and professional practice necessary to address important decisions in a formal manner. . Decision analysis includes many procedures, methods, and tools for identifying, clearly representing, and formally assessing important aspects of a decision; for prescribing a recommended course of action by applying the ...
Gigerenzer & Gaissmaier (2011) state that sub-sets of strategy include heuristics, regression analysis, and Bayesian inference.. A heuristic is a strategy that ignores part of the information, with the goal of making decisions more quickly, frugally, and/or accurately than more complex methods (Gigerenzer and Gaissmaier [2011], p. 454; see also Todd et al. [2012], p. 7).
The mythological judgement of Paris required selecting from three incomparable alternatives (the goddesses shown).. Decision theory (or the theory of choice) is a branch of applied probability theory and analytic philosophy concerned with the theory of making decisions based on assigning probabilities to various factors and assigning numerical consequences to the outcome.
Intuition and decision-making. Intuition in the context of decision-making is defined as a "non-sequential information-processing mode." [1] It is distinct from insight (a much more protracted process) and can be contrasted with the deliberative style of decision-making. Intuition can influence judgment through either emotion or cognition, and ...
Decision model. A decision model in decision theory is the starting point for a decision method within a formal ( axiomatic) system. Decision models contain at least one action axiom . An action is in the form "IF <this> is true, THEN do <that>". An action axiom tests a condition (antecedent) and, if the condition has been met, then (consequent ...