Question: what are the various steps of decision theory approach?
Answer: Step 1: Identify the decision. You realize that you need to make a decision. ...  Step 2: Gather relevant information. ...  Step 3: Identify the alternatives. ...  Step 4: Weigh the evidence. ...  Step 5: Choose among alternatives. ...  Step 6: Take action. ...  Step 7: Review your decision & its consequences.