Decision Tools: Decision Tree, Force Field Analysis, Gantt Chart

Vocabulary flashcards covering Decision Trees, Force Field Analysis, and Gantt Chart concepts and components from the lecture notes.

Decision Tree

A planning tool that maps decisions and their possible outcomes (decision nodes under business control and chance nodes with probabilities) to analyze options; branches can be cut off by drawing two parallel lines when an outcome is undesirable.

Decision Node

A point in a decision tree where the business makes a choice among options.

Chance Node

A point in a decision tree representing outcomes that occur by probability rather than direct control.

Probability

The likelihood assigned to each outcome at a chance node, used to weight expected results.

Expected Return

The probability-weighted average of all possible returns from a decision.

Net Return

The calculated return after deducting costs for a given outcome.

Driving Forces

Forces that push for change in Force Field Analysis.

Restraining Forces

Forces that act against or resist change in Force Field Analysis.

Force Field Analysis

A framework for understanding the pressures for and against a proposed change, including listing forces, weighting them, and diagramming the forces.

Weightings

Numeric values (1–5) assigned to forces in Force Field Analysis to indicate their strength.

Gantt Chart

A planning tool that schedules tasks over time, showing what needs to be done, when, and by whom, to optimize resource use.

Task

An individual activity listed in a Gantt chart.

Matrix Framework

The structure of a Gantt chart with vertical axis as tasks and horizontal axis as time.

Timeline

The time scale used in a Gantt chart (e.g., weeks, months, quarters).

Advantages of Decision Trees

Helps analyze problems clearly, displays multiple options at once, considers risk and negative outcomes, and provides a visual representation.

Disadvantages of Decision Trees

Probabilities are estimates and can lead to forecasting errors; qualitative and ethical issues may be ignored; subjectivity or bias can affect results; delays may invalidate data.

Advantages of Gantt Chart

Provides a clear view of progress and the overall project, is flexible, simple, and aids in resource planning.

Disadvantages of Gantt Chart

Based on estimates and timings; sensitive to external factors; can be complex for large projects; relies on qualitative data; may not clearly show interdependencies; deadlines can affect quality.