(statistics) The process of drawing conclusions from limited information or conjecture.
Decision-Making Under Uncertainty
| Sci-Tech Dictionary: decision-making under uncertainty |
(di¦sizh·ən ¦māk·iŋ ′ən·dər ən′sərt·ən·tē)
| 5min Related Video: Decision-Making Under Uncertainty |
| Accounting Dictionary: Decision-Making Under Uncertainty |
Term used in a situation that involves several events for each action with its probability of occurrence. The decision problem can best be approached using a payoff table (or decision matrix). See also Decision Theory.
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 | maximax criterion (mathematics) |
| maxim criterion (mathematics) |
| Expected Value (in accounting) |
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 | Sci-Tech Dictionary. McGraw-Hill Dictionary of Scientific and Technical Terms. Copyright © 2003, 1994, 1989, 1984, 1978, 1976, 1974 by McGraw-Hill Companies, Inc. All rights reserved. Read more |
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| Accounting Dictionary. Dictionary of Accounting Terms. Copyright © 2005 by Barron's Educational Series, Inc. All rights reserved. Read more |
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Mentioned in
- maximax criterion (mathematics)
- maxim criterion (mathematics)
- Expected Value (in accounting)
- Uncertainty (in accounting)
- Decision Tree (in accounting)
- Decision analysis (control systems)
- game theory
- Morris H. DeGroot
- Michael Zgurovsky
- Jan Kregel
- Stochastic programming
- Framing (economics)
- Bayes factor
- Anytime algorithm
