1. Which is an advantage of decision trees?
- Shows social impact
- Shows risks and costs
- Probabilities are deffinate values
- Not prone to bias
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2. What is Probability?
- Event likelihood added up to 1.5
- Likelihood of an event occuring
- Net gain + expected value
3. How do you calculate Expected Value?
- Financial Outcome - costs
- Total expected Value X Probability
- Financial Value X Probability
- Total expected value - Associated Costs
4. What is a decision tree?
- A way of mindmapping revision
- A mathematical model used to help managers make decisions
- A way of showing cash flow over monthly periods
- Model which shows historical revenues and profit
5. What is a diasdvantage of Decision trees?
- No external influences considered e.g. PESTLE
- Not supported by numerical outcomes
- Hard to understand and compare
- Only shows an optimistic view