This chapter presents preliminary discussions about decision that include short overview, relationship between decision and theoretical question with examples and theories or approach of decision as critical parts in discussing the decision subject. The goal of this presentation is the nurture of firm understanding on the essential tenets about decision.
2.1 OVERVIEW OF DECISION THEORY
In the simplest term, Decision Theory (DT) is theory about decisions. Academic discussion about decision theory is critical due to that there exist many theories about decision. Knowing all the theories that underlying the decision made would enable one to at least:- realize the principle and methodological one follows, mechanisms and supports required for that principle and reach into a justifiable and firm decision.
Within the decision theory, there are normative and descriptive theories or approaches with prescriptive appears as variation of normative theory. The variety of ways to conceptualizing and looking at decisions yield many different research cultures and traditions. Some are heavily rely on mathematics, some explore psychological dimensions and others might focus on the methodological aspects of decision.
3.1 DECISIONS AND THEORETICAL QUESTION ABOUT DECISION
A decision is a resolution that one chooses from a variety of alternatives. Many formal conceptual definitions for decision are available. Examples are;
i. a position arrived at after consideration
ii. the identification of and commitment to a course of action iii. decision relates to the activity – to decide – as the final point of decision making process that has involved complex processes of problem solving
From all these definitions, we learn that decision is stem...