Identify:
1. What’s the decision node?
2. What are the possible choices?
3. What is the outcome for each given choice? Show the calculations
4. From the results from 3. What’s the conclusion?
-To analyze a decision tree:
Answer the questions from the below case:
From the decision trees given by: https://theconstructor.org/construction/decision-tree-effectiveproject-management-tool/556550/#Use_of_Decision_Tree_in_Project_Management
– Read Magee. (1964). Decision trees for decision making.pdf Magee. (1964). Decision trees for decision making.pdf – Alternative Formats . This paper takes you through, step-by-step, on how to use Decision Trees
There are some light readings and examples from the Internet. Decision Trees are widely used in many subjects. You can google “decision trees” + the subjects that interest you and get some inspiration. Here are a couple of examples:
Project Management and Decision Trees: ttps://theconstructor.org/construction/decision-tree-effective-project-management-tool/556550/#Use_of_Decision_Tree_in_Project_Management. There is a mistake in the conclusion part – see whether you can catch it. Hint: all information (e.g. probability and returns on each event) need to be considered. This case is also used for your practice exercise assignment.