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What Is Decision Tree Analysis? Steps and Examples in 2024
- Decision tree analysis is the process of creating visual documents that outline the potential outcomes of decisions.
- There are four types of decision trees: the Current Reality Tree, the Evaporating Cloud Tree, the Future Reality Tree, and the Strategy and Tactics Tree.
- Decision trees can help project managers navigate challenges by identifying root causes, finding timely solutions and protecting project budgets.
- While decision trees are typically used in traditional project management methodologies like Critical Chain Project Management, they can also work alongside any methodology or Agile framework.
- Decision trees can help resolve issues relating to product quality, constraints, project finances, operations and more.
- The five steps in decision tree analysis are starting with an idea, adding decision tree nodes, reaching the endpoint, calculating expected values and evaluating the outcome.
- Project leaders use decision trees to visualize complex problems that occur during the end-to-end project management cycle.
- Decision trees offer many advantages that can improve your approach to solving problems.
- Decision trees are easy to make and maintain, and they can be shared with others quickly.
- Decision trees can help you manage project finances, find the root cause of an issue and figure out logical steps to fix the problem.
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