Decision Tree

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Summary

What is a Decision Tree? Meaning.

A Decision Tree (DT) is a form of inductive reasoning using boolean alternatives (yes/no or true/false) or questions with a limited number of options to examine various things, such as: new product development, research and development options, plant modernization programs.


Composition of a Decision Tree. Elements.

A DT is typically (but not per se) represented as a graphical diagram consisting of nodes and branches that depicts the anatomy of a (business) decision and the interplay between a present decision, chance events, competitors’ activities, and possible future decisions and their results.

A decision tree consists of 3 main types of nodes:

  • Decision Nodes - normally represented by squares.
  • Chance Nodes - commonly represented by circles.
  • End Nodes - typically represented by triangles.

Usages of Decision Trees. Applications.

DTs are commonly used in operations research to support decision making and to help identify a strategy most likely to reach a goal.


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🔥 NEW Advantages of Using Decision Trees
There are several benefits of decision trees when you compare them to other decision support tools:
SIMPLE: Are (...)
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Disadvantages of Using Decision Trees
Although decision trees can be used for effective decision making on product development, research and development and i (...)
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Decision Tree vs. Problem Analysis Tree
What is the difference between decision tree and problem analysis tree. Thanks... (...)
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Contingency Leadership Theories In-depth

Contingency Theory, Normative Decision Model, Situational Leadership Theory, Path-Goal Theory
This presentation covers the subject of contingency theory of leadership and situational leadership. The presentation in (...)

Development and Assessment of Decision Trees

Decision Trees, ID2, Entropy, Prepruning, Postpruning, Error Propagation
This presentation elaborates on the concept of decision trees. The presentation includes the following sections: 1. Ove (...)

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Compare also: Mind Mapping  |  Theory of Constraints  |  Feasibility Study  |  Centralization and Decentralization

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