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Steps making DecisionTree
A decision tree is a graphical representation of decision process indicating decision alternatives, states of nature, related probabilities and conditional pay-offs for each combination of decision alternatives and states of nature. It shows all the possible choices that can be made as branches on the tree. And all the probable outputs for each selection as subsidiary branches on the tree.
Steps followed in making the tree are:
• State the problem or recognize the objectives• Identify the possible causes of action, (i.e., decision alternative)• Recognize the possible states of nature/situations• Calculate approximately the probabilities for each state of nature• Estimate the restricted pay-off for each alternative and states of nature• Draw the decision treeCompute the predictable monetary value at each state of nature node using the roll back method.
Return on Investment and Residual Income This is a traditional approach to performance measurement given by: ROI = Income Invested Capital (m
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Markov Chains: Markov Chains are named after the Russian statistician A.A Markov who developed probabilistic models that are often applicable to decision making problems in bu
Steps making DecisionTree A decision tree is a graphical representation of decision process indicating decision alternatives, states of nature, related probabilities and condit
.1 You are the Management accountant of an industrial concern and have been assigned the duty of preparing a cost accounting system. Initially it has been decided to prepare three
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