Decision Tree Assignment Help Decision tree assignment help experts say that decision tree refers to a graphical representation of a decision-making situation to select the best alternative from several courses of actions. It is one of the important decision tools that can help business organizations to take effective decisions.
A decision tree includes three types of nodes that are as below –
Decision Node: It is represented by squares to show choice between two possibilities.
Chance Node: It is denoted by circles to show all possible state of nature with probabilities. Chance node is also known as probability node to indicate uncertainty.
End Node: It is represented by triangles to show the end of decision tree analysis.
An example of the decision tree is shown by the following diagram that shows all three nodes of decision tree analysis.
Ways to Utilize Decision Tree in Decision Making There are several ways that can help to use decision tree in order to improve the effectiveness of decision-making process as well as decisions. In the organization, the decision tree can be utilized by developing a tree shape diagram that contains possible events with probabilities. To improve decision making, the decision tree can be utilized by the management for the variety of business problems related to sales analysis, inventory management, selection of projects, new product development etc. A systematic process can be useful to utilize decision tree for improving decision making. The main steps of this process are as follow:
Define the problem. Structure or draw a decision tree for the particular business problem by including all possible events or state of nature. Assign probabilities to each state of nature. Calculate payoff for each possible combination of alternatives and state of nature. Finally, determine an expected monetary value of each state of nature node. Along with this decision tree assignment help, it can be utilized to improve the accuracy of decision making related to cash flow projections and valuation analysis by calculating an expected monetary value (EMV) of each possible alternative. In the case of Nokia, it can be utilized by applying this concept to solve issues related to vendors. In this way, a decision tree can be used by the managers of Nokia to decide to how to solve issues and improve the relationship with vendors through determining an expected value or payoff of each possible event.
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