Author(s): Bejleri, E., Berberi, A., & Memaj, G.
Decision making is identifying and choosing alternatives based on the values and preferences of the decision maker. The decision maker is unsure of what situation will occur in the future and moreover he has no control over what will happen at the time the decision is made. Decision theory is mainly related to decision making in conditions of risk and uncertainty. It is often possible to assign probabilities to different states of nature that assist the decision maker in choosing the decision that yields the best outcome. However, in some cases the decision maker is not able to determine the probabilities. Through this paper, we intend to describe the basic elements in the analysis of decision alternatives and choices. Several criteria can used in each case in order to take the best decision. This paper offers an illustration and explanation of the decision analysis process under different decision criteria, type, and quality of available information. We believe that the decision-making theory can help individuals or organizations to make the best decisions in different situations.