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Decision Trees Quiz

Authored by James Hannaford

Social Studies

Professional Development

Decision Trees Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the key inputs into a decision tree for business decision-making?

Cost, probability of success, and end payoffs

Employee satisfaction, market trends, and cost

Customer feedback, advertising reach, and sales

Product quality, brand reputation, and cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the decision tree example, what are the two ways the business can launch its product?

Online marketing and direct sales

Advertising and sales promotions

Public relations and influencer marketing

Trade shows and email campaigns

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost of launching the product through advertising in the example?

5 million pounds

15 million pounds

10 million pounds

20 million pounds

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the probability of high demand when using advertising in the example?

0.9

0.7

0.5

0.3

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the probability of low demand when using sales promotions in the example?

0.3

0.1

0.5

0.7

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the final payoff for high demand when using sales promotions?

5 million pounds

20 million pounds

40 million pounds

50 million pounds

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the expected value (EV) formula used in decision trees?

Probability times cost

Probability times final payoff

Final payoff divided by probability

Cost minus final payoff

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