{"id":195,"date":"2017-07-26T19:10:18","date_gmt":"2017-07-26T19:10:18","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-principlesofmanagement\/?post_type=chapter&#038;p=195"},"modified":"2017-08-16T20:00:05","modified_gmt":"2017-08-16T20:00:05","slug":"introduction-to-using-a-decision-tree","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/chapter\/introduction-to-using-a-decision-tree\/","title":{"raw":"Introduction to Using a Decision Tree","rendered":"Introduction to Using a Decision Tree"},"content":{"raw":"<h2>What you\u2019ll learn to do: describe the components and use of a decision tree<\/h2>\r\nDespite the limitations of strict rational decision making, there is no doubt that it still has significant value\u2014especially as we refine and improve our abilities to predict costs and market outcomes for our potential actions. When a business feels it has a reasonably accurate measurement of potential costs and a reasonable prediction of likely future outcomes, that data can be used to calculate the likely value of decision pathways. A useful tool for this is the decision tree, which we are going to learn about now.","rendered":"<h2>What you\u2019ll learn to do: describe the components and use of a decision tree<\/h2>\n<p>Despite the limitations of strict rational decision making, there is no doubt that it still has significant value\u2014especially as we refine and improve our abilities to predict costs and market outcomes for our potential actions. When a business feels it has a reasonably accurate measurement of potential costs and a reasonable prediction of likely future outcomes, that data can be used to calculate the likely value of decision pathways. A useful tool for this is the decision tree, which we are going to learn about now.<\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-195\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Decision Trees. <strong>Authored by<\/strong>: Aaron Spencer and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":21046,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Decision Trees\",\"author\":\"Aaron Spencer and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"26ced22c-5dfa-4b34-ba06-1597d1e099df","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-195","chapter","type-chapter","status-publish","hentry"],"part":47,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/chapters\/195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/wp\/v2\/users\/21046"}],"version-history":[{"count":6,"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/chapters\/195\/revisions"}],"predecessor-version":[{"id":1539,"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/chapters\/195\/revisions\/1539"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/parts\/47"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/chapters\/195\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/wp\/v2\/media?parent=195"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/pressbooks\/v2\/chapter-type?post=195"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/wp\/v2\/contributor?post=195"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-principlesmanagement\/wp-json\/wp\/v2\/license?post=195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}