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Meaning of decision tree

 

 

 

Decision tree

 

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Business glossary

 

Meaning of term 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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Decision tree

 

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Meaning of term decision tree

 

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