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5.17: Introduction to Using a Decision Tree

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    47655
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    What you’ll learn to do: describe the components and use of a decision tree

    Despite the limitations of strict rational decision making, there is no doubt that it still has significant value—especially as we refine and improve our abilities to predict costs and market outcomes for our potential actions. When a business feels it has a reasonably accurate measurement of potential costs and a reasonable prediction of likely future outcomes, that data can be used to calculate the likely value of decision pathways. A useful tool for this is the decision tree, which we are going to learn about now.

    Contributors and Attributions

    CC licensed content, Original
    • Introduction to Decision Trees. Authored by: Aaron Spencer and Lumen Learning. License: CC BY: Attribution

    This page titled 5.17: Introduction to Using a Decision Tree is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by Lumen Learning via source content that was edited to the style and standards of the LibreTexts platform; a detailed edit history is available upon request.