decision tree

Examples of decision tree in the following topics:

• Applying the Ethical Decision Tree

  • Decision trees are useful analytic tools for considering the ethical dimensions of a decision.
  • Decision trees are graphical representations of alternatives and possible outcomes.
  • The decisions are represented by the branches of the tree.
  • Decision trees can be applied to ethical matters as well.
  • Define the concept of a decision tree as it applies to the ethical dimensions of a decision.

• Applying the Decision Tree

  • Decision tree analysis can be a useful tool for evaluating ethical decisions.
  • A decision tree calculates the expected values of competing alternative.
  • Decision trees can be applied to ethical considerations.
  • The top box of the decision tree would state "Colleague Dilemma."
  • This example of a decision tree shows the decision maker trying to choose where to go on vacation.

• Generate Alternatives

  • A decision tree is a decision support tool that uses a structured graphical depiction of alternatives.
  • Decision trees help divide larger decisions into smaller ones and are useful for uncovering all available options.
  • Decision trees have a starting point and then branch out, with each branch representing a different event, action, or outcome.
  • Decision trees have three types of nodes at each part of the diagram:
  • Decision trees can improve investment decisions by optimizing them for maximum payoff.

• Leadership and Decision Making: The Vroom-Yetton-Jago Model

  • The model uses a decision-tree technique to diagnose aspects of the situation methodically.
  • By answering the questions honestly, the decision tree provides the leader with the preferred decision style for the given situation.
  • This is an example of a decision tree.
  • The Vroom-Yetton-Jago model utilizes decision trees to determine the best leadership style for a given situation.
  • Apply the Vroom-Jago decision-tree model to guide leaders in a decision-making situation

• Evaluate Alternatives

  • In order to eliminate bias in a decision, one can use tools such as influence diagrams and decision trees to evaluate alternatives.
  • These range from simple tools such as lists of pros and cons to more complex models such as decision trees and influence diagrams, which can capture more variables and include more data.
  • A decision tree specifies alternatives visually and creates paths of subdecisions to be made or uncertainties to be considered in order to estimate the outcome of a given choice.
  • One limitation to using decision trees is that they can become highly complicated as decisions become more complex or outcomes involve greater numbers of variables.
  • Model potential decision alternatives through utilizing pro/con analysis, influence diagrams, decision trees and Bayesian networks

• Quantitative and Analytical Management Tools

  • A decision tree is a branching graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility.
  • Decision trees are commonly used in operations research (specifically in decision analysis) to help identify a strategy most likely to reach a specified goal.
  • They can also be used to map out a thought process or the possible consequences of a decision.
  • Decision trees are used to determine the consequences and potential outcomes of an investment or a project.
  • This decision tree shows the money lost or gained at each step along multiple potential paths of action.

• Responding to Uncertainty in Strategic Planning

  • A list of possible causes, like a fault-tree analysis, tends to downplay the impact of isolated factors.
  • Organizations need to cope with issues that are too complex to be fully understood, yet significant decisions need to be made that are based on a limited understanding or limited information.
  • Numerous organizations have applied scenario planning to a broad range of issues, from relatively simple, tactical decisions to the complex process of strategic planning and vision building.
  • It serves little purpose to pretend to anticipate every possible consequence of a corporate decision, every possible constraining or enabling factor, and every possible point of view.
  • Fault trees can help outline possible outcomes.

• Understanding Current Trends in Technology

  • Trends in technology extend out like the branches of a tree: each new innovation creates the possibility for multiple new innovations.
  • Information - Scouting and assessing the current technological environment through extensive research teams is necessary to make the appropriate decisions (see "Sourcing Technology" and "Assessing Needs in Technology" within this Boundless segment).

• Types of Social Responsibility: Sustainability

  • From an organizational perspective, sustainability is a criteria used to make decisions about business conduct and to evaluate outcomes.
  • It also encompasses stewardship for natural resources, such as trees and wildlife.

• Advantages and Disadvantages of Group Decision Making

  • Group decision making (also known as collaborative decision making) is when individuals collectively make a choice from the alternatives before them.
  • By definition, group decisions are participatory, and often a member's contribution is directly proportional to the degree to which a particular decision would affect him or her.
  • These social elements can affect the process by which decisions are reached and the decision outcomes themselves.
  • Group decision making provides two advantages over decisions made by individuals: synergy and sharing of information.
  • Moreover, group decisions can make it easier for members to deny personal responsibility and blame others for bad decisions.