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Supply chain MGT decision tree
Q Decision trees are graphic displays of the decision process. When do you feel it is appropriate to use decision trees? For simple decisions? Complex decisions? Why?
Decision Trees are mostly used in selecting the best decision in a given situation. It is a widely accepted method to accept a decision to be valid, feasible and relevant. Decision Tree helps to identify the most feasible decision accompanied by its action plans and helps the decision taker to implement the most suitable action plan in the given scenario. Many would argue that the use of logistic regression can be more advantageous at times and can be used really effectively, however, decision trees have its own advantage because of its simplicity, the wide areas in which it can be used and its capacity to render some of the best results. Of course even in simple problems, decision trees can be used extensively and in complex situations as well, decision trees are feasible up to a certain limit. Generally, a problem has multiple solutions. Decision tree’s work is to help in picking up the most feasible and well-adjusted pathway so that the best result can be arrived at. Decision trees are widely used in different construction projects, evaluation of plans and other action implementation activities.