Decisions are generally quite complicated to arrive at and solve amicably. To be able to do so, you have to adopt strategies and use techniques that are designed to expedite the processes. The use of decision trees is one sure way of achieving this sacred end.
A decision is a flow chart or a tree-like model of the decisions to be made and their likely consequences or outcomes. It comprises three basic parts and components. These are the root node that symbolizes the decision to be made, the branch node that symbolizes the possible interventions and the leaf nodes that symbolize the possible outcomes.
Components of the Decision Tree
As hinted above, a typical decision tree comprises some three main components. These are:
a.) Root Node
It is the top-level node and represents the ultimate objective or the decision to be made. As expected, this node stays atop the entire structure, and it is from it that all the other elements flow. The manner in which this node is stated definitely has a bearing on the kind of direction that the rest will take.
b.) Branch Node
Branches stem from the roots. They represent the various courses of action that may be taken to solve the given issue at hand. In most cases, they are indicated by the use of the arrow lines. Depending on the exact kind of decision to be made, the branch nodes may also incorporate associated costs.
c.) Leaf Node
Leaf nodes are attached to the branch nodes. They, as we have already stated, represent the possible outcomes for each of the actions taken. These nodes are available in two main kinds. They are the circle nodes that signify the unknown outcomes or chances and the square nodes that indicate the need to make another decision.
Decision trees in and of themselves are complicated things to make, let alone use. It hence goes that you have to use a decision tree template to achieve the right outcome. The templates provide the raw frameworks that enable you to go about the issue of fixing the said problem well later.
Business Decision Tree Template
Decision Tree Example Template
Decision Tree Template for Excel®
Decision Tree Template For PowerPoint
Free Decision Tree Template for Word
Risk Assessment Decision Tree Template
Why should you make the Decision Tree?
Decision trees serve many purposes that revolve around decision making. The following though are the main reasons why a decision tree is a vital part and parcel of your decision making:
Solves Problems Effectively
The first and by far, the most significant benefit of this approach to decision making. The use of this tree does make the process of arriving at a decision pretty effective. It does this primarily by giving you an aerial picture of the problems, and with this, an easy way to confront the issues.
Displays the Problem Visually
As has already been hinted, the approach does visualize the problem, i.e., display it vividly in such a way as to allow the same to be viewed wholly. As part of this wholesome view, the approach enables all the options to be contemplated clearly and weighed well before the final selection.
Aids in Wholesome Analysis
Given that it clearly displays the problem, the approach also enables the problem to be analyzed in ways that the traditional approach cannot match or come close to. With this wholesome analysis comes the added benefit of easier and more effective interpretation on your part.
Creates a Quantifiable Framework
For those problems that demand quantifiable approaches, this decision tree is yet another effective way of tackling it. The tree indeed provides the framework that does help in quantifying the values of the various outcomes and the possibilities that may be opted for to achieve them.
Hastens Decision-making Processes
Problems that are confronted using the decision trees are made or reached out at a faster pace as compared to those that are tackled normally. It is hence in your best interest to prioritize this method insofar as tackling your issues is concerned. You stand to gain the most convenient possible outcomes.
Do you need any further conviction that the decision tree is a nice approach to solve problems or issues? There are obvious signs that the approach is fruitful and beneficial to your business or you. Why not take advantage hence of the approach to leverage the benefits that it potentially brings along?