Loading...

Course Description

The primary goal of collecting information in a business setting is to use it to make decisions. By combining data with the principles of statistics and probability, managers can make choices that are more likely to have the outcomes they want. This combination is done by creating a statistical model called a decision tree. Analysis of the decision tree will also help one to determine how much effort to spend on the information-gathering phases of the decision making process. In this lesson, you will discover how to create a decision tree and use the information to help craft your strategy. For the best result, complete "Data Analysis and Probability: Create Effective Graphs" and "Data Analysis and Probability: Calculate the Probability of an Outcome" prior to taking this lesson.

Benefits to the Learner

  • Convert a series of decisions into a decision tree to map out probable outcomes
  • Evaluate the value of information that can be used to make choices in a business scenario
  • Create a decision strategy using the available information
Loading...
Enroll Now - Select a section to enroll in
Type
self-paced (non-instructor led)
Dates
Mar 29, 2024 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
Required fields are indicated by .