Decision Tree
OR Topic: Decision Analysis
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Primary Objective: Construction of a probability decision tree and calculation of expected values.
Context: Probabilistic analysis of the value of automobile collision insurance.
Teaching Objectives:
  • Construct a decision tree to aid in probabilistic analysis
  • Compute compound probabilities
  • Calculate expected values of a random variable
  • Use the expected value of a random variable to make a real-world decision
  • Explore limitation of expected value as a decision criterion
    Case Studies: Santa Clara University | NFL | Forests | USPS

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