The context here is in adversarial fights. The more important insight is that both you and your opponent are executing the same loop, so there may be an advantage to be had by completing it faster (or multiple times) before your opponent can act.
Naming the process is just letting you think about decision making explicitly. I can't see it being a complete general framework for decision making.
Naming the process is just letting you think about decision making explicitly. I can't see it being a complete general framework for decision making.