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Decision tree analysis
The decision tree is a diagram that describes a decision under consideration and the implications of choosing one or another of the available alternatives. It is used when some future scenarios or outcomes of actions are uncertain. It incorporates probabilities and the costs or rewards of each logical path of events and future decisions, and uses expected monetary value analysis to help the organisation identify the relative values of alternate actions.
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- Part of Speech: noun
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- Industry/Domain: Business services
- Category: Project management
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