decision trees

How Do You Construct a Decision Tree?

Building a decision tree involves several steps:
1. Identify the Decision: Define the primary decision that needs to be made.
2. Determine Possible Options: List all possible actions or choices.
3. Identify Outcomes: For each option, identify potential outcomes or results.
4. Assign Probabilities: Assign probabilities to each potential outcome.
5. Calculate Payoff: Determine the payoff or value of each outcome.

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