Business owners have to make decisions every day on issues fraught with uncertainty. Information is not perfect, and the best choice is not always clear. One way to handle these vague situations is to ...

One of the most important components of decision making is process organization. Using a decision tree to choose between different courses of action presents possible outcomes in graphic form, making ...

For example, you might want to predict the sex of a person (male or female) based on their age, state where they live, income and political leaning. There are many other techniques for binary ...

In the high-stakes arena of corporate strategy, where million-dollar decisions are sometimes made over lukewarm coffee and passive-aggressive slide decks, decision-making isn’t just king — it’s the ...

In last month’s article, we touched on the importance of probability in our daily lives. We shared brain teasers and non-intuitive facts that highlighted how an understanding of probability can help ...

A decision tree is a machine learning technique that can be used for binary classification or multi-class classification. A binary classification problem is one where the goal is to predict the value ...