Q1 What do you mean by Decision Tree Analysis? Explain its Process and Importance.
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Decision tree analysis involves making a tree-shaped diagram to chart out a course of action or a statistical probability analysis. It is used to break down complex problems or branches. Each branch of the decision tree could be a possible outcome..
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Decision tree analysis is a powerful decision-making tool which initiates a structured nonparametric approach for problem-solving. It facilitates the evaluation and comparison of the various options and their results, as shown in a decision tree. It helps to choose the most competitive alternative.
It is a widely used technique for taking crucial decisions like project selection, cost management, operations management, production method, and to deal with various other strategic issues in an organization.
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