Topic Four, Part 4 - Decision Trees (Requires Further Revision) Flashcards

1
Q

What are decision trees?

A

A diagram that compares all outcomes of multi-stage decisions

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2
Q

Why are decision trees used?

A

To reduce risk

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3
Q

What are the advantages of decision trees?

A
  • Show previously unknown possibilities

- Takes decision risks into account

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4
Q

What are the disadvantages of decision trees?

A
  • Probabilities are often estimated

- non-numerical factors can be too complex

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