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taken sequentially to maximize the overall utility over a (often long) period.
The framework of sequential decision analysis falls into the general decision
analysis topic in Chapter 7, but is much more complex due to its dynamic
nature. This topic also brings another aspect from prefer ence and utility the-
ory: time trade-off between bene fits and costs in the present and those in the
future. Here we will not consider this direction further, except when using
a discount factor to discount the value of the reward as well as costs in the
future.
9.6.1 Decision tree
A decision tree is a graphic tool for sequential decision making of finite steps
and actions widely used in project management, ...