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- Optimal_decision abstract "An optimal decision is a decision such that no other available decision options will lead to a better outcome. It is an important concept in decision theory. In order to compare the different decision outcomes, one commonly assigns a relative utility to each of them. If there is uncertainty in what the outcome will be, the optimal decision maximizes the expected utility (utility averaged over all possible outcomes of a decision).Sometimes, the equivalent problem of minimizing loss is considered, particularly in financial situations, where the utility is defined as economic gain. \"Utility\" is only an arbitrary term for quantifying the desirability of a particular decision outcome and not necessarily related to \"usefulness.\" For example, it may well be the optimal decision for someone to buy a sports car rather than a station wagon, if the outcome in terms of another criterion (e.g., effect on personal image) is more desirable, even given the higher cost and lack of versatility of the sports car.The problem of finding the optimal decision is a mathematical optimization problem. In practice, few people verify that their decisions are optimal, but instead use heuristics to make decisions that are \"good enough\"—that is, they engage in satisficing. A more formal approach may be used when the decision is important enough to motivate the time it takes to analyze it, or when it is too complex to solve with more simple intuitive approaches, such as with a large number of available decision options and a complex decision – outcome relationship.".
- Optimal_decision wikiPageID "16414027".
- Optimal_decision wikiPageLength "3909".
- Optimal_decision wikiPageOutDegree "14".
- Optimal_decision wikiPageRevisionID "663232216".
- Optimal_decision wikiPageWikiLink Category:Decision_theory.
- Optimal_decision wikiPageWikiLink Category:Optimal_decisions.
- Optimal_decision wikiPageWikiLink Conditional_probability_distribution.
- Optimal_decision wikiPageWikiLink Decision-making.
- Optimal_decision wikiPageWikiLink Decision-making_software.
- Optimal_decision wikiPageWikiLink Decision_theory.
- Optimal_decision wikiPageWikiLink Expected_utility_hypothesis.
- Optimal_decision wikiPageWikiLink Heuristic.
- Optimal_decision wikiPageWikiLink Loss_function.
- Optimal_decision wikiPageWikiLink Mathematical_optimization.
- Optimal_decision wikiPageWikiLink Monty_Hall_problem.
- Optimal_decision wikiPageWikiLink Random_variable.
- Optimal_decision wikiPageWikiLink Satisficing.
- Optimal_decision wikiPageWikiLink Two-alternative_forced_choice.
- Optimal_decision wikiPageWikiLinkText "Optimal decision".
- Optimal_decision wikiPageWikiLinkText "decision theory".
- Optimal_decision wikiPageWikiLinkText "decision-making".
- Optimal_decision wikiPageWikiLinkText "optimal decision problem".
- Optimal_decision wikiPageWikiLinkText "optimal decision".
- Optimal_decision wikiPageWikiLinkText "optimal decisions under uncertainty".
- Optimal_decision wikiPageWikiLinkText "optimally".
- Optimal_decision wikiPageWikiLinkText "rational behavior".
- Optimal_decision wikiPageWikiLinkText "rational decision making".
- Optimal_decision wikiPageWikiLinkText "theory".
- Optimal_decision subject Category:Decision_theory.
- Optimal_decision subject Category:Optimal_decisions.
- Optimal_decision hypernym Decision.
- Optimal_decision type SupremeCourtOfTheUnitedStatesCase.
- Optimal_decision type Redirect.
- Optimal_decision comment "An optimal decision is a decision such that no other available decision options will lead to a better outcome. It is an important concept in decision theory. In order to compare the different decision outcomes, one commonly assigns a relative utility to each of them.".
- Optimal_decision label "Optimal decision".
- Optimal_decision sameAs Q4335500.
- Optimal_decision sameAs تصمیم_بهینه.
- Optimal_decision sameAs Decisione_ottimale.
- Optimal_decision sameAs Decyzja_optymalna.
- Optimal_decision sameAs m.03y0htk.
- Optimal_decision sameAs Оптимальное_решение.
- Optimal_decision sameAs Оптимальне_рішення.
- Optimal_decision sameAs Q4335500.
- Optimal_decision wasDerivedFrom Optimal_decision?oldid=663232216.
- Optimal_decision isPrimaryTopicOf Optimal_decision.