In your own words, what are the benefits of a decision tree plan that displays decision alternatives?
As it is, there are expected values of decision alternatives As I understand it, it is beneficial for decision analysis problems. There are decision alternatives including probabilities and payoffs with chance outcomes that can help one to achieve an optimal decision through analysis. With computations in a decision tree plan, there is a probability of strong demand and a probability of small demand to interpret the result.© BrainMass Inc. brainmass.com October 24, 2018, 9:39 pm ad1c9bdddf
Yes, you are right about such things as expected values, probabilities, payoffs (or outcomes in general), etc. When a businessperson needs to make a decision based on several factors, a decision tree can help identify which factors to consider and how each factor has been associated with different outcomes of the decision. For example, if we want to determine a credit risk for a particular person, we could have data for each applicant's debt, income, marital status, etc. and have payoffs for each of those ...
The Benefits of a Decision Tree Plan that Displays Decision Alternatives is discussed.
Qualitative Analysis for Management
Solving real world complex problems using either traditional optimization techniques or modern heuristic techniques would make interesting work.
What do the terms heuristic and optimization (or optimal) mean?
What is a quantitative application for each? Some independent research is needed.
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Don't hesitate to use outside sources in addressing questions in this course, and apply your understanding as it relates to your prior knowledge and experience where appropriate.