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It can be called by various names like – Algorithm, Flow Chart, graphs. It is called as a tool for making decisions in various processes, the conclusions, possible outcomes and chances of occurrence of an event, the costs involved at each stage of the decision and the overall derivation of the various factors such as costs involved, whether the process decision tree is beneficial for the decision that needs to be taken and successfully implemented. This decision tree is basically used for the fields like operational research, probabilities etc.
The decision tree has various nodes in it which are of the shapes of Triangle, Circle and Square in management. Squares always represent the decisions; circles represent the chances of the occurrence of the event and the triangle represents the end nodes and the ultimate decisions. These decision trees take out all the options, cases and solutions of the problem or the situation which is leading to the decision to be made. The decision tree takes out all the possible solutions to the problem and even tries to simplify the case.
The various advantages of the Decision Tree
a. It helps in simplifying the problem.
b. The complete interpretation could be made or drawn by the use of this method.
c. Even if the problem is complex and there does not exist any solution then also decision tree takes out the possible alternatives. There can be many alternatives in solving any problem, which can’t be taken out without drawing the decision tree or the flow chart of the process.
d. Once a decision tree could be drawn then to solve a bigger problem, many decision trees could be combined together to derive the solution of the big problem.
There are many disadvantages of Decision Tree as well
a. Sometimes the decision tree becomes more complex as the number of levels increase and hence the complexity increases and possible alternative or the solution of the situation could not be easily derived.
b. Even when the various outcomes are linked together then also the situation becomes grave and possible and correct solution can’t be drawn.
Every organization takes the help and support of the decision tree in making various decisions. Decision tree has its existence from ages and its applicability and importance can never be ignored and eliminated. Decision tree can be drawn in order to derive on the most likely outcomes and accordingly implementing the various outcomes and the decisions of solving the problem. In engineering & operational research, the use of decision tree is used to its maximum as all the situations are derived to their most likely outcomes by the use of this graphical or the diagrammatical options. There can be many terminologies been used for the decision tree like – Influence Diagram, Flow Chart and as the name suggests the decision is influenced by the diagram so it is clearly called as the Influence Diagram. Similarly the flow chart refers to the flow of the diagram of the process and how it is going to run or which way it will go.
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