Y12 Business IB Decision Trees

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4 Terms

1
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Decision trees

A diagrammatic representation of the different options a manager can select, showing probable outcomes

2
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advantages of decision trees

  • presents problems clearly and logically

  • speeds up decision making

  • considers risk and reward

  • objective decision making

3
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disadvantages of decision trees

  • probabilities can be only estimated

  • subject to bias

  • qualitative data is ignored

4
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The probabilities of each decision (0. (something)) near the lines

together add up to 1