Decision Analysis and The Use of Decision Trees
Book: Winton, W.L. & Albright, S. C. (2019) Practical Management Science, 6th edition. Cengage Learning ISBN: 918-1-3376-10278: *****Chapter 9 focuses on Decision Analysis which includes the use of decision trees. Decision tree modeling is a multiple period sequence of events based on probability and financial data which help managers determine whether to accept a potential project. From the information you learned from this chapter, how could you use decision trees to improve the managerial decision-making process of your organization (assuming you have the power to do so)? What limitations should a manager be aware of when using these models in their decision process? ****(I work for IBM WALMART; I am a Logistics Coordinator) Instructions: The purpose of these assignments is to provide opportunities for students to know the language, assumptions, and perspectives of economic theories while also applying those economic assumptions to determine the logical actions of consumers and firms. The length should be between 275 to 400 words and should utilize 3 resources (textbook, peer-reviewed, and/or popular press). APA formatting for citation and third-person perspective is required. Include critical thought question at the end of case study so other students can respond and engage in learning. ****Professor would like to see more application of the concepts even if it is a hypothetical situation. Follow step by step Rubric below: Initial Post Grading Rubric Response content appropriate for Doctorate work (70% of score) Word count (10% of score) Critical Thinking Question at the end of the post (10%) Appropriate sources and citation (10%) Peer Response Post Grading Rubric Response content appropriate for graduate work (80% of score) Word count (10% of score) Critical Thinking Question at the end of the post (10%) Week 5 Discussion Question
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