What do you understand by decision tree analysis?
Question: What do you understand by decision tree analysis?
Decision tree analysis is a visual tool used to make decisions by mapping out the potential outcomes of a particular course of action. It involves creating a tree-like diagram that lays out all the possible choices and their potential consequences. Each branch of the tree represents a possible decision or action, and the nodes represent the outcomes or events that may result from that decision. By assigning probabilities to each potential outcome, decision makers can use decision tree analysis to identify the best course of action or make informed decisions. Decision tree analysis is commonly used in business, finance, and healthcare, among other fields, to help managers and decision makers weigh the risks and benefits of different options and make optimal decisions.
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