Prescriptive Analytics: Optimization and Simulation - Decision Analysis with Decision Tables and Decision Trees

4 important questions on Prescriptive Analytics: Optimization and Simulation - Decision Analysis with Decision Tables and Decision Trees

What is Decision Analysis?

The modeling of decision situations that involve a finite and usually not too large number of alternatives

What is a decision table?

Is a list of alternatives, listed in a table or a graph whit their forecasted contributions to the goal(s) and the probability of obtaining the contribution. Thsi can be evaluated to select the best alternative.
It can be used to model single-goal situations.

What is decision tree?

It can be used to model single-goal situations.
It is an alternative representation of a the decision table.
It shows the relationships graphically and can handle complex situations in a compact form.
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