All entries for Tuesday 05 March 2013
March 05, 2013
I learned that decision tree supports decision making in two aspects; first it provides a graphical representation of the situation with all possible routes and provides the highest probability value as the optimal decision.
This tool is a very important decision tool in in its benefits. it also supports decision making associated with risk and uncertainty. The consideration of probability and value gives an insight to decision making.
The use of decision tree can be used for investment decisions. If two possible engineering modifications are recommended they can be compared for cost, return on investment and reliability using decision tree.