Decision theory can apply to conditions of certainty, risk, or uncertainty .
Therefore, each alternative is associated with a probability distribution, and a choice among probability distributions. Decision theory recognizes that the ranking produced by using a criterion has to be consistent with the decision maker's objectives and preferences. The theory offers a rich collection of techniques and procedures to reveal preferences and to introduce them into models of decision. Given a set of alternatives, a set of consequences, and a correspondence between those sets, decision theory offers conceptually simple procedures for choice. The alternative with the highest expected utility is considered the most preferable.