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Homework question for this week (D BLOCK):-
Discuss the usefulness of decision tree analysis to Belvoir Park in making their strategic choice (18)
This is a useful/useless type question. This means looking at the benefits and limitations of using decision trees to make this decision. However, for a2 it is better to go for big issues that allow you to write in-depth paragraphs. For decision trees I use the following mnemonic:
QVC REx
Quantitative vs qualitative: discuss the benefits of having quantitative information versus the importance of having qualitative
Validity: the source and reliability of the probabilities and predicted outcomes
Choices/alternatives: Decision trees make you think about the alternatives and choices in an analytical way.
Risk: They include risk in the decision-making progress
Expected values: The expected values (weighted to include the probabilities) are different to the actual values that will occur in each instance.
For evaluation on this type of question you can consider the main benefit of decision trees to Belvoir Park and what its usefulness will depend on.
