An Insight into “Decision Tree Analysis”
- Author Kapil Mittal
- Co-Author Dinesh Khanduja, Puran Chandra Tewari
- DOI
- Country : India
- Subject : Mechanical Engineering
Keywords : Decision Tree Analysis, Operation Research, Project Selection, Pre-planning, Project optimization
Abstract
Decision making is a regular exercise in our daily life. One has to make decisions in their personal as well as professional life on number of occasions but professional decisions affects whole organization, both in terms of future of organization and achieving the goals that have been embarked. One bad decision can ruin whole planning and preparation that have been made in realizing the targets. That’s why decision making is termed as a tedious task. Thanks to our great researchers who have explored some techniques as an aid to this challenging yet essential task. One of those technique is “Decision Tree Analysis”. A decision tree is a graphical representation of decisions and their corresponding effects both qualitatively and quantitatively. The structure of the methodology is in the form of a tree and hence named as decision tree analysis. In this paper authors describes the theory and history behind evolution of decision tree analysis along with its application, advantages and disadvantages. Some examples have also been listed that shows the positive effects of using decision tree analysis on productivity improvement under industrial environment.
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