Decision tree analysis, also known as risk analysis, is a treelike flow chart with nodes and branches that lists out each possible outcome of a decision, allows you to assign probabilities to the outcomes, and thus helps you to choose between several courses of action. Decision trees are predictive models that have had widespread use in the business world to help decision-makers to make choices in a logical way. A decision tree can be drawn in any number of ways, and the goal is to provide a visual representation of risks, rewards, and value of each decision.
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