Decision Trees
- Created by: lottie2207
- Created on: 11-01-16 11:46
Other questions in this quiz
2. What is Probability?
- Likelihood of an event occuring
- Net gain + expected value
- Event likelihood added up to 1.5
3. Which is an advantage of decision trees?
- Shows social impact
- Shows risks and costs
- Probabilities are deffinate values
- Not prone to bias
4. What is a decision tree?
- Model which shows historical revenues and profit
- A way of showing cash flow over monthly periods
- A mathematical model used to help managers make decisions
- A way of mindmapping revision
5. How do you calculate Expected Value?
- Financial Outcome - costs
- Total expected Value X Probability
- Financial Value X Probability
- Total expected value - Associated Costs
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