Abstract: In this paper we introduce a new approach to realistic rendering at interactive rates on commodity graphics hardware. The approach uses efficient perceptual metrics within a decision theoretic framework to optimally order rendering operations, producing images of the highest visual quality within system constraints. We demonstrate the usefulness of this approach for various applications such as diffuse texture caching, environment map prioritization and radiosity mesh simplification. Although here we address the problem of realistic rendering at interactive rates, the perceptually-based decision theoretic methodology we introduce can be usefully applied in many areas of computer graphics.