Decision Trees
A decision tree maps out the possible results when there are sequences of decisions together with a set of future random events that have known probabilities. Decision trees are useful when there are a number of possible future states and decisions can be made in stages. As an example, Mountain Systems Eastern Division can decide to do the Berkshire project first, the Pocono project first, or neither project at all. Based on the outcome of their first choice, they could later decide to do the remaining project or nothing. A decision tree will help them figure out the best first choice.
Decision trees are built from three basic building blocks: decision nodes, chance nodes, and arcs.
Decision nodes represent points in time where ...
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