decision trees Flashcards
1
Q
what is a decision tree
A
mathematical models that use probability as a way of determining the best outcome
2
Q
how is a decision shown
A
as a square
3
Q
how are outcomes shown
A
circles
4
Q
what are the advantages
A
choices are set out logically
lots of potential options are considered
based on quantitative data
costs are considered
5
Q
what are the disadvantages
A
ignores important qualitative factors
based on estimates
outcome in real life is usually more complex
could be bias
