The cognitive process of selecting the best course of action from multiple alternatives based on available information and criteria.
The systematic study of decision making began with game theory and operations research in the 1940s. The term became prominent in business literature during the 1950s with the rise of management science. It was heavily influenced by economic theories of rational choice and later by behavioral psychology research.
Humans are notoriously bad at decision making due to cognitive biases, which is why many successful leaders use structured frameworks like decision trees. The 'paradox of choice' suggests that too many options actually make decision making harder, not easier - which explains why successful companies often limit product options.
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