Decision tree
Decision tree
Glossary of business
Definition of decision tree
A decision tree is a method of analysis that can help firms to make complex decisions. The decision tree maps out alternative possible outcomes of a number of decisions with the likely outcomes (or probability of those outcomes) for each possible route. From the probability figures and the potential returns, the firm can calculate the expected value of each decision and therefore see which may be the best of all the alternative decisions. Decision trees have decision nodes (usually shown as squares) where there is a choice of two actions and chance nodes (usually shown as circles) where there are different possible outcomes of a decision.
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Terminology about business
Job world
Definition and meaning of decision tree
Meaning of decision tree
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