Concept information
Preferred term
optimal decision making
Definition
- A decision maker is said to behave optimally with respect to a given set of preferences or objectives whenever he or she chooses an alternative that is weakly preferred to (i.e., at least as good as) the other alternatives on the menu of available options. When the relevant objective is easily understood from context—as in the case of a manufacturer who wishes to minimize production costs—the decision maker is often said simply to behave optimally. [Source: Encyclopedia of Governance; Optimal Decision Making]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/optimal_decision_making
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