Question

1-What are the advantages of using mathematical decision tools such as decision trees and weighted factors?

2-Suppose that you are about to make a major decision, such as returning to school full time (or ending your academic career to work full time). How could you use a tool discussed in this Part to help you as you make your decision?

Answer 1

1-What are the advantages of using mathematical decision tools such as decision trees and weighted factors?

A decision tree is a diagram you use to analyze and track questions that a particular raises. Weighted factors helps you compare decision factors fairly. Both tools help you make decisions based on objective measures. They can also help you to be analytical and consistent in decision making. For example, when creating a decision tree, you identify the options in the decision or problem, determine whether you need to take action or make a decision, estimate how much each option is worth to you or your organization, and then calculate the value associated with each possible outcome. Similarly, using numeric weights when ranking options helps you to be analytical and objective

2-Suppose that you are about to make a major decision, such as returning to school full time (or ending your academic career to work full time). How could you use a tool discussed in this unit to help you as you make your decision?

Whether creating a quantitative model, performing a what-if analysis, weighing factors, or designing a decision tree, you start by identifying the problem. For example, you might need to return to school to train for a certain career. Next, you determine which factors are important to you. What type of program are you looking for? How much money can you spend on tuition? Do you need to take classes at a certain time of day? Does the school need to be accessible by public transportation? The answers to these questions are your decision criteria. For example, your criteria might be a school in your city or nearby that offers an associate degree in business administration for less than $150 per credit, offers classes on evenings and weekends, and is accessible by public transportation. When using weighted factors or a decision tree, you should also decide how important each factor is to your decision. For example, accessibility by public transportation might not be very important if you can drive to school. If you are continuing to work or provide care to family members, evening and weekend classes might be very important. After determining and weighing criteria, you identify your alternatives, which are all the schools that meet the criteria. Then you evaluate all the schools according to the criteria and rankings you assigned. Finally, you select the best school—the one that meets all or most of the criteria—and register for classes