Statistical decision making pdf

This article is about decision making as analyzed in psychology. For a broader discipline, see Decision theory. Sample flowchart representing a statistical decision making pdf process to add a new article to Wikipedia.

In psychology, decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Every decision-making process produces a final choice, which may or may not prompt action. Decision-making is the process of identifying and choosing alternatives based on the values, preferences and beliefs of the decision-maker. Decision-making can be regarded as a problem-solving activity terminated by a solution deemed to be optimal, or at least satisfactory.

It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Psychological: examining individual decisions in the context of a set of needs, preferences and values the individual has or seeks.

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