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Decision Tree Essay

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Below is an essay on "Decision Tree" from Anti Essays, your source for research papers, essays, and term paper examples.

"Decision Tree"   Please respond to the following:
• Explain the parts of a decision tree.
• What are some benefits of using decision trees?
• In what ways can decision trees be used for business decisions? Name some real-world examples.
Professor and class,
According to our text, a decision tree is a diagram that consists of square decision nodes, circle probability nodes, and branches representing decision alternatives (pg 540).   The square decision node signifies a decision that follows a sequence of events.   The branches connect nodes that present alternatives at that point.   The circle nodes are probabilities that must be answered.  
The benefits of using the decision tree is that it provides a picture of the decision making process which makes it easier to compute the expected values.   It is also used to evaluate the viability of a new product.   Decision trees can be used to decide between two business options.   For example, the decision to start a new clothing line could be analyzed with a decision tree.   The launching of a new hair salon could also be decided with a decision tree.    
Reference
Taylor, B. (2010).   Introduction to management science (10th ed.).   Upper Saddle River, NJ: Pearson/Prentice Hall.

"The Science of Probability"   Please respond to the following:
• How does the science of probability affect decisions? Why?
Professor and class,
The science of probability affects decisions by offering a statistical approach to making decisions (pg 489).   Decision making is the process where stake holders and managers analyze information relating to new opportunities.   Probability can make it easier to make those decisions by presenting the information in a format that is simple to understand.   Using probability is a quantitative approach to making business decisions removes the personal judgment or inference which can help companies make more reliable decisions.
Reference
Taylor, B. (2010).   Introduction to management science (10th...

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