decision tree (PM)
A decision tree, Decision Tree, is a graphical diagram that is fanned out in a tree-like manner. A Decision Tree, consisting of a root, trunk, branches and leaves, is structured similar to a flowchart, where each branching point( node) represents a decision. This can be a right-wrong decision, but it can also refer to real values or other attributes.
Each branch represents different decision paths. There are three different node types: The decision node, Decision Nodes, which are represented as a small square, the probability node, Chance Nodes, which are indicated by a small circle, and the end node, End Nodes, which are represented as a triangle. The path from the root to the leaves represents the classification rules.
Decision Trees are interpreted from left to right and start with the decision node of the root. Extension can be done by adding additional decision nodes. From the root run the branches, which represent multiple options. At the end of the branches are the end nodes, which represent a fixed value. The Decision Nodes form the basis of the Decision Tree Analysis. Decision trees are used in operations research, decision analysis and project management. They can be used to determine how decisions affect the outcome, or how the cost of resources affects the benefit.