What is an "editing decision"?

It's the decision an editor makes every time he (or she) makes a cut. He has to decide what to cut to, how long to hold the previous shot, if cutting to something will move the sotry along, if it fits with the pacing of the scene, if it makes sense in the story, etc.
That's it in a nutshell. People spend their entire careers refining the art of editing, so it's a very broad subject.
 
Are you talking about that in the context of an EDL, or Edit Decision List? In that case, the EDL is a text file that translates the edited sequence to a list that includes reel numbers, clip names, TC in points, TC out points, transitions and durations, and usually at least a few of the audio tracks in the same manner.

EDLs aren't used as much these days since almost everything is non-linear and many people skip the offline edit. EDLs used to be a way to move edits from one system to another, especially from offline to online or from linear to nonlinear, but OMF and XML are much more useful these days.
 
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