Decision Trees

Decision Trees

Please, i need your help with the below assignment. No need for “Executive Summary” just start with introduction, please.

The supplement to Chapter 5 in your textbook describes and develops several decision trees. In a 4-5-page paper, not including the cover and reference pages, develop a decision tree for a work or personal decision that you must make. Explain the process of developing a decision tree, and your specific case. You must have at least three Decision Points, and three Chance Events. As shown in the Risk Precis video in your module lecture, make sure to parameterize the outcomes, determine the expected value, and defend your final decision based on your decision tree.

Free decision tree software is available to help you construct your decision tree:

SmartDraw – https://www.smartdraw.com/decision-tree/decision-tree-maker.htm
Lucidchart – https://www.lucidchart.com/pages/planning/decision-tree-examples
Be sure to use at least two current, scholarly references beyond any required course readings. Current sources are those published within the most recent five-year period, and scholarly sources are those from peer-reviewed journals.

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Solution Preview

Introduction
A decision tree is a tool for the support that uses a graph that looks like a tree. The model of decisions presents the possible outcomes or consequence of a decision, including the chance event outcomes, the utility and the costs of the resources. The effects in the decision tree refer to the different results in which a decision may turn up. The chance outcome events are the number of ways in which an event can occur. For example in a Yes or NO situation, the answer can either be yes or no. The resource cost refers to the various inputs that are used to perform the activities.

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