Decision Trees Flashcards
1
Q
decision trees
A
A mathematical model to help managers make decisions.
- it uses estimates and probabilities to calculate likely outcomes
- helps to decide weather the net gain from a decision is worth it.
2
Q
How to calculate probabilities
A
3
Q
How to interpret economic outcomes and expected values
A
4
Q
The outcomes shown on a decision tree
A
5
Q
How should a business respond to the information contained in a decision tree
A
6
Q
The importance of the information shown on a decision tree to a business
A
7
Q
The usefulness of a decision tree when making a business decision
A
