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This article deals with decision-making as analyzed in psychology.

See also Decision theory.

In psychology, decision-making is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities.

Every decision-making process produces a final choice; it may or may not prompt action.

Decision-making is the process of identifying and choosing alternatives based on the values and preferences of the decision-maker.

Data (or) is a set of values of qualitative or quantitative variables.

An example of qualitative data would be an anthropologist's handwritten notes about his or her interviews with people of an Indigenous tribe.

Pieces of data are individual pieces of information.

While the concept of data is commonly associated with scientific research, data is collected by a huge range of organizations and institutions, including businesses (e.g., sales data, revenue, profits, stock price), governments (e.g., crime rates, unemployment rates, literacy rates) and non-governmental organizations (e.g., censuses of the number of homeless people by non-profit organizations).

A sale is the exchange of a commodity or money as the price of a good or a service.

Sales (plural only) is activity related to selling or the amount of goods or services sold in a given time period.

A consumer is a person or organization that uses economic services or commodities.

In economic systems consumers are utilities expressed in the decision to trade or not.

Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends.

A commonplace example might be estimation of some variable of interest at some specified future date.

Prediction is a similar, but more general term.

Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods.

Usage can differ between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.