The Decision Tree, How can it help us?
As an entrepreneur you have to make decisions constantly, and each of them implies a strategy taking into account complex and simple details involving such decision in order to get the best personal and business outcomes.
To write this article we based on the theory of William T. Greenwood, author of the book “Decision theory and information systems”, which we truly recommend to those interested in getting certainty at a time to make a personal and business decision.
Do you know how this decision tree helps you? It helps you to give a better answer in the best way.
Characteristics of a decision tree
- State the problem from different perspectives of action.
- Allow a full analysis of the different solutions.
- Provide a framework to estimate the cost of outcome and the likelihood of its use.
- Help to make the best decisions based on existing information and intuition.
- Analyze alternatives, events, probabilities and results due to its structure.
How to create a decision tree
Step 1. Identify all variables in the main problem
Step 2. Prioritize
Step 3. Determine the importance of criteria
Step 4. Start recognizing the variables Take the risk, know your weaknesses and improve your strengths
Tags: Mind and body