
Decision Trees in Business
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Jennifer Covel
FREE Resource
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29 questions
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1.
FLASHCARD QUESTION
Front
Decision Tree
Back
A quantitative decision-making tool that helps businesses choose between different options when outcomes are uncertain.
2.
FLASHCARD QUESTION
Front
Uses of Decision Trees
Back
- Probabilities of different outcomes - Estimated financial returns - A visual diagram to map out decisions and consequences
3.
FLASHCARD QUESTION
Front
Diagram Symbols
Back
- A square represents a decision to be made. - Lines from the square represent possible choices. - Circles show outcomes as a result of a choice.
4.
FLASHCARD QUESTION
Front
Outcome Probabilities
Back
The probability of all outcomes must add up to 1.
5.
FLASHCARD QUESTION
Front
Expected Value (EV)
Back
Shows the weighted average of a given choice. Calculated by multiplying the probability of each outcome by its expected value and adding them together.
6.
FLASHCARD QUESTION
Front
Expected Value Example
Back
EV Launch new product = 0.4 \times 30 + 0.6 \times -8 = £7.2m
7.
FLASHCARD QUESTION
Front
Expected Value Definition
Back
The average outcome if a decision is made many times.
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