Analyzing Business Problems Using Decision Trees & Payoff Tables


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question 1 of 3

A diagram representing possible outcomes is called a:

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1. The possible choices in a decision are called:

2. A recession, shortage of materials necessary to manufacture products, and new government regulations are all examples of things that can affect a business that the business cannot control. They are also known as:

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About This Quiz & Worksheet

This quiz and worksheet combination will gauge how much you know about business problems and how to solve them using decision trees and payoff tables. The multiple-choice questions on these resources will cover the benefits of using a decision tree and the first step in analyzing a decision tree, among other topics.

Quiz & Worksheet Goals

Test questions will focus on:

  • What EMV stands for
  • How the options of a decision tree are determined
  • What a decision tree helps a manager to do

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information given about how to most effectively analyze business problems
  • Making connections - use understanding of the concepts of decision trees and payoff tables to review the decision-making process
  • Knowledge application - use your knowledge to answer questions about the benefits of using a decision tree

Additional Learning

Be sure to keep reading the associated lesson, Analyzing Business Problems Using Decision Trees & Payoff Tables. You'll work on achieving the following objectives:

  • Define 'decision tree' and discuss the 5 steps of analyzing a decision tree
  • Compare and contrast the terms 'favorable market' and 'unfavorable market'
  • Learn more about why organizing data is so important in business