Decision Tree The supplement to Chapter 5 in your textbook describes and develops several decision trees. In 5-page paper, not including the cover and reference pages , develop a decision tree for a...

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Decision Tree


The supplement to Chapter 5 in your textbook describes and develops several decision trees. In 5-page paper,
not including the cover and reference pages,




  • develop a decision tree for a work or personal decision that you must make.




  • Explain the process of developing a decision tree, and your specific case.




  • You must have at least three Decision Points, and three Chance Events.




  • As shown in the Risk Precis video in your module lecture, make sure to parameterize the outcomes




  • determine the expected value, and defend your final decision based on your decision tree.






Free decision tree software is available to help you construct your decision tree:


•SmartDraw -
https://www.smartdraw.com/decision-tree/decision-tree-maker.htm.


•Lucidchart -
https://www.lucidchart.com/pages/planning/decision-tree-examples.






  • Be sure to use at least two current, scholarly references beyond any required course readings.




  • Current sources are those published within the most recent five-year period, and scholarly sources are those from peer-reviewed journals.




  • Make certain for each listed reference that you have at least one supporting citation in the body of your content.




  • Your reference page is always the last page of the submission where all individual references get listed.




  • The Saudi Digital Library is a good resource to search for these references. Submit your presentation into the Assignment Dropbox.






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Answered Same DayOct 07, 2020MGT530Charles Sturt University

Answer To: Decision Tree The supplement to Chapter 5 in your textbook describes and develops several decision...

Azra S answered on Oct 10 2020
159 Votes
Decision Tree- Supplementary Certificate Course Decision
Decision Tree- Supplementary Certificate Course Decision
Decision trees are graphical representations of decisions and their possible outcomes.
They are effective tools in calculating the various possibilities when it comes to complex decision making. Decision trees can help simplify the decision making process by providing a problem with a tangible pictorial form which can then be assessed and measured for possible outcomes. (Song & Lu, 2015).
Components of a Decision tree
A decision tree is so called because it branches out like a tree starting from a single decision or point to various branching outcomes.
The main components of a decision tree include
Decision points- Decision points relate to a decision that must be made on a current issue.
Chance events- These are the chances of an event that may occur when a decision is made
Tracing paths- These are lines that connect the various nodes in a decision tree.
Outcomes- These are the results of a choice that chance events may result in.
Importance of Decision trees
Decision trees are excellent tools for classification and prediction of data regarding an issue or a decision. They are simple to structure and easy to understand and are thus used by businesses to create simple and understandable structures for complicated rules and decisions that can then easily be communicated throughout the organization. Decision trees are effective in classification, assessment, reading, understanding and predicting data. (Zhao & Zhang, 2008)
How to structure decision trees
Decision trees can easily be set up by employing the following four steps:
Step 1- identifying the decision question and branching it into nodes following along a specific path relating to the possible outcomes
Step 2- Assigning probabilities or parameters to each event represented on the decision tree.
Step 3- Assigning related payoffs that result from the consequences of outcomes.
Step 4- Choosing the...
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