Decision tree model Discussion board. – assignmentcollections.com
Business Finance Assignment Collections – assignmentcollections.com
Using the decision tree resources available in the Topic Materials, create a decision tree for the scenario you outlined in Topic 2 DQ 1. Attach the decision tree to your response and include insights in crafting the decision tree. How would you apply your experience to larger-scale decisions at an organizational level?
Initial post:
The business decision model has applications stretching beyond business. It is, in essence, an intellectual model for how decisions are made. Business decision models can be applied in all aspects of life. This will be proven by this paper; the business decision model can be applicable in all aspects of life.
For example, it can be used in choosing an outfit. Suppose the prevalent weather conditions are cold and rainy, what would be the best outfit someone would wear for the workplace?
The following is an application of the five steps of decision tree analysis to analyze the situation.
- Defining the problem: The problem in this case would be maintaining the decency and official nature of dressing in the workplace while still keeping warm (Render, Stair & Hanna, 2009).
- Then I would I build a decision tree, unfortunately this DB will not allow me to paste my decision tree here.
The probabilities to the states of nature, with respect to the narrow nature of the available options would be very limited. Only one of the options provided has a probable positive outcome (Render, Stair & Hanna, 2009).
- The estimated payoffs, as far as this model is concerned is comfort coupled with the maintenance of the accepted dressing codes in the office. Light clothes would result in discomfort, since the weather is unforgiving. It would also result in inappropriateness, as far as dressing codes in the office is concerned. Wearing normal office clothes would maintain the accepted dressing codes in the office, but the weather would make comfort a distant luxury (Render, Stair & Hanna, 2009).
- As such, the solution of the problem would solely be wearing heavy clothing, like jackets, sweaters, gloves, headgear and the like. This is because they assure comfort in the prevalent weather conditions, while still maintaining the accepted dressing codes in the office (Render, Stair & Hanna, 2009).
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