Finding a common currency for benefits and hazards is a major challenge in optimal foraging theory, often requiring complex computational methods. We present a new analytic approach that builds on the Marginal Value Theorem and giving‐up densities while incorporating the nonlinear effect of predation risk. We map the space of all possible environments into strategy regions, each corresponding to a discrete optimal strategy. This provides a generalised quantitative measure of the trade‐off between foraging rewards and hazards. This extends a classic optimal diet choice rule‐of‐thumb to incorporate the hazard of waiting for better resources to appear. We compare the dynamics of optimal decision‐making for three foraging life‐history strategies: One in which fitness accrues instantly, and two with delays before fitness benefit is accrued. Foragers with delayed‐benefit strategies are more sensitive to predation risk than resource quality, as they stand to lose more fitness from a predation event than instant‐accrual foragers.