Walter Williams

Decision Trees

 

A decision tree is a conceptual model used to make decisions under conditions of uncertainty. A decision involves a choice between several strategies, each of which may result in several possible outcomes. An outcome is any possible situation that may occur, either by choice or because of chance events. When confronted with a decision for which there is insufficient information, one intuitively weighs the possible outcomes according to their likelihood and chooses the one that seems best. The decision tree is a method of formalizing this intuitive decision-making process and keeping track of complicated situations.

PROBABILITY

Uncertain situations may arise either from random events or from lack of information. ...

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