Reference no: EM132492911

Assignment: Introduction: For a simple decision it is either a question of taking one path or another path. With multifaceted decisions it can be a more complicated process because, one decision may affect the outcome of another decision and/or vice versa. In making decisions there also could be uncertainty and the degree of an uncertainty could affect the decisions.

Instructions: To learn about decision trees in business conduct research within the TU library databases and credible Internet resources and write a 2-page paper to explain the following:

1. Discuss the concept of a decision tree.

2. Outline its purpose in business.

3. Explain the advantages and disadvantages over other decision techniques

4. Describe how uncertainty is depicted within the tree and how it is considered within the tree to make decisions.

5. Draw a decision tree making at least a 3-level decision:

• Explain the decision the tree is depicting, and how the tree can be utilized to make the decision

• When drawing the decision tree, you can use the features in Microsoft Word within your paper or draw the tree on paper, take a picture of the tree, and insert the picture into the word document. If you are not familiar with the tools in Microsoft Word, it may be simpler to draw the decision tree. If you draw the tree and take a picture, make sure you make the drawing large enough, the drawing is legible and the picture you take is clear and focused.

Writing and Submission Requirements

• 2-pages (approx. 400 words per page), not including title page or references page (the picture can take up 1/2 of a page)

• Minimum of 2 references