Decision trees

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  • Created by: dremcken
  • Created on: 03-05-17 12:29
Introduction: Decision trees provide a logical process for decision-making. The decision problem can be set out in the form of a diagram, like a tree on its side.
Definition: Decision are diagrams that set out all the options available when making a decision, plus an estimate of their likelihood of occurring.
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Step-by-step approach to decision-tree analysis 1. The tree is a diagram setting out the key features of a decision-making problem 2. The tree is shown lying on its side, roots on the left, branches on the right
3. The decision problem is set out from left to right with events laid out in the sequence in which they occur 4.The branches consist of: a) a decision to be made, shown by a square b) chance events or alternatives beyond the decision-maker's control
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3. The decision problem is set out from left to right with events laid out in the sequence in which they occur 4.The branches consist of: a) a decision to be made, shown by a square b) chance events or alternatives beyond the decision-maker's control

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Step-by-step approach to decision-tree analysis 1. The tree is a diagram setting out the key features of a decision-making problem 2. The tree is shown lying on its side, roots on the left, branches on the right

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