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.