One of the most common activities of human beings is that of decision-making. There are easy as well as difficult decisions, there are important and irrelevant decisions, one must face personal and professional decisions. A vast amount of effort has been devoted to explore this subject. Psychologists have studied how decision-makers work under different conditions. From a philosophical perspective, even the existence of such a thing as a good decision has been questioned. The logical approach has contributed to the understanding of the decisionmaking process. Mathematics, including Statistics, has played a major role in providing a formal structure for the process and defining criteria for optimality. Under the heading of Decision Theory, the literature offers an account of the ways people actually make decisions and a discussion on the mechanisms underlying this behavior.