All entries for Sunday 14 April 2013
April 14, 2013
The decision tree analysis tool is used to understand the consequences of a decision in numerical terms. However, this decision can be way in future and while time passes evaluation of circumstances can change as the decision point comes closer views become clearer. Moreover, it has to be taken into consideration that a decision tree analyse the decision consequence for a specific period of time while if this period is changed the overall decision can change, hence, time scaling and sensitivity analysis should be taken into consideration.
Having an overall of the decision tool capabilities, limitations and bias possibility is important to have an overview of where the decision will be leading. This awareness allows the decision maker to understand the tool limitation to cover for it by another decision tool and check for the decision validity during progress to decision.
As an engineer this will help me understand the financial consequences of the team technical decisions. Moreover, in new product development it will be beneficial to revisit the decision tree after provisional decision to understand what changes in market demand and strategic objectives have happened and how it can affect the product development decision financially.