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Decision theory (or the theory of choice) is the study of the reasoning underlying an agent's choices. Decision theory can be broken into two branches: normative decision theory, which gives advice on how to make the best decisions given a set of uncertain beliefs and a set of values, and descriptive decision theory which analyzes how existing, possibly irrational agents actually make decisions. Discrete Event System Simulation Banks Nature First Our Sacred Honor: Words of Advice from the Founders in Stories, Let... You Cant Hide Karen Rose Encyclopedia Of World Biography Author 1. Decision making: Situation where the current state of knowledge is such that (1) the order or nature of things is unknown, (2) the consequences, extent, or magnitude of circumstances, conditions, or events is unpredictable, and (3) credible probabilities to possible outcomes cannot be assigned. Although too much uncertainty is undesirable, manageable uncertainty provides the freedom to make ... 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