Question
Download Solution PDFThe following statements relate to decision tree analysis. Choose the correct code for the statements being correct or incorrect.
Statement I: A decision tree contains the probabilities of outcomes and the conditional monetary values attached to those outcomes.
Statement II : In a decision tree, 'nodes' at the left represent actions that occur before nodes that fall farther to the right.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is (1) Both the statements I and II are correct.
Key Points
- A decision tree is a structure that is frequently employed as an efficient technique of decision making. And it helps to clearly set out the problem and examine the potential repercussions of a decision.
Important Points
- There are three distinct categories of nodes (chance, decision, end nodes).
- Nodes at the left of a decision tree signify activities that take place before nodes that fall farther to the right.
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