Decision Trees

Published: 2021-09-03 17:45:16
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Category: Business

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TM TOOL: DECISION TREES

Introduction
A large part of the technology strategy is the selection process which involves looking into the future and make difficult decisions because of the uncertainty. A decision tree, as its name implies, generates a tree-like graph of decisions that can be made by a business to decide the alternative choices and their potential consequences. Decision trees enable solving those problems step by step in a sequence. Therefore by using a decision tree, the decision maker can identify the most suitable option in a particular circumstance.
The process of decision tree allows companies to assign quantifiable values to the assumed consequences and choose the best option. By quantifying the uncertainty, decision makers are able to model a variety of outcomes and react appropriately.

Where and why the tool is used?
The decision tree is a decision support tool. Decision trees can be applied to many situations. A decision maker in a business, has many alternative choices to decide on. The aim of the decision maker is to choose the best one among those alternatives. Decision trees help to calculate the expected values or the expected utilities of those competing alternatives in a simple way. In addition to this, decision trees permit the consideration of the actions of more than one decision maker. Also they can be combined with other decision tools.

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