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Unit 2 - Coggle Diagram
Unit 2
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Decision Tree
A square represents a decision point. the lines coming from a square show the possible courses of action and the costs of each action
a circle shows there are alternative outcomes for a course of action, which are shown by lines coming out of the circle
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net gain - the financial gain after initial costs of the decision have been subtracted
expected value of outcome - the probability of the outcome occurring, multiplied by the pay-off the business can expect to get
Net gain = EV - initial costs
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