Bayesian decision theory

/ˌbeɪziən dɪ'sɪʒ(ə)n ˌθɪəri/ noun
a method for helping decision-making, often applied to new product development. The decision-maker is aware of alternatives, can work out the probable advantages or disadvantages of the alternatives, and makes up his or her mind according to the value of the best alternative.

Marketing dictionary in english. 2015.

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