The increasingly complex and volatile nature of modern business means that managers have to make decisions in the face of uncertainty. At times not all the necessary data is available, but a choice still needs to be made.
In the midst of this uncertainty, managers can take advantage of decision trees to make strategic decisions.
A decision tree is an analytical tool that helps choose between different courses of action.
They organize, in a tree-like shape, the available options and their associated outcomes, returns, and probability of occurrence. By exhaustively working through a decision tree, managers can determine the most beneficial option available in their given situations.
Take this course and learn how to construct a decision tree and map out all the possibilities you need to consider for your next crucial business decision!