Final answer:
Decision trees are visual tools that aid decision-making by depicting options and outcomes, particularly in scenarios involving probabilities and risks.
Explanation:
Decision trees are diagrams that help decision-makers visualize their options by breaking decisions down into stages or decision nodes with branches representing possible outcomes. They consist of events, outcomes, and choices, assisting in managing risks and assessing effects of different scenarios.
Decision trees are particularly useful for decisions under risk, where probabilities are involved, such as in determining project delays or choosing between strategies based on expected values and consequences.
Using decision trees ensures a structured approach to decision-making, helping avoid biases, guiding decision-makers through a series of questions to reach optimal choices consistently.
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