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Decision Trees - Mind Map
Mind Maps have been produced to introduce topics and give students an overview of key topics being studied. The maps can be viewed as a whole page or, for those who prefer a more linear approach, as a text version.
View larger version of the mind map.
- Planning Tool
- Applies logic to decision making
- Identifies likely outcomes
- Quantitative decision making
- Disadvantages
- Reliant on the accuracy of the data used
- Requires qualitative input to give complete picture
- Probabilities only estimated
- Real time data problems
- Advantages
- Useful for operational decision making
- Enables effective use of backdata
- Use of probability allows flexibility
- Scientific/objective analysis to decision making
- Encourages clear thinking and planning
- Process
- The Decision
- The Alternative
- Estimates of financial cost and benefits
- Identify probability of outcomes
- Squares - where decisions have to be made
- Circles - denote different possible outcomes
- Expected Value - Financial outcome of a decision
- Do Nothing is an option!
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