Abstract
Decision trees represent an attempt to include realism in decision situations by adding consideration of several possible chance events. Expected-value calculations are then used to determine which of a set of alternate decisions is most desirable. Let us examine an often-used decision tree example to illustrate some of the weaknesses present in the decision tree approach, as well as some of the advantages stochastic techniques such as VERT-3 can offer.
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© 1982 Kluwer Nijhoff Publishing
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Lee, S.M., Moeller, G.L., Digman, L.A. (1982). Decision Tree Applications. In: Network Analysis for Management Decisions. International Series in Management Science/Operations Research. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-8171-3_12
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DOI: https://doi.org/10.1007/978-94-009-8171-3_12
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-009-8173-7
Online ISBN: 978-94-009-8171-3
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