Through decision analysis, an individual is guided on making complex choices on particular subjects that may befall him/her. It provides the platform through which optional ideas are processed guiding an individual to make formidable choices. Generally, decision analysis is a dogmatic approach premeditated for individuals who want to think rigidly and systematically about some imperative tribulations. By understanding the gender of a person, it’s easier for one to guess the weight and height of an individual. Through understanding variations in height and weight based on the gender of an individual, it’s easier to understand the preferences when making decisions as customers. It’s now easy to develop a decision tree for case with the use of weight as a target field and the height as an input so as to reach quantitative conclusion and the opposite to have a qualitative assessment. Since decision trees offer all the possible paths an individual can use, when making a flow based on gender, the branches are height and weight which state the actions that are varied and conclusive.
Lawrence and Pasternack (2002) describe forecasting as the method in which business owners visualize the prospective outlook of their ventures. Through proper implementation of the various methods that they realize, they are able to realize more successes in their respective business ventures. Though different individuals use different models, the most commonly used are, the time series and stationery forecast models. In similarities both the stationary and time-series approaches start with amassing past statistics. The statistics found are drafted onto graphs in both models which plays a pivotal role in the ideal model chosen.
Unlike in the time series model, in a stationary model, the data trend normally do not show any tendency during the period an analysis is taking place. This is due to the fact that the stationary model has an average of 0 with no adjust as time, season or any other factor instigating change.
Lawrence, J., & Pasternack, B. (2002). Applied management science: Modeling, spreadsheet analysis, and communication for decision making (2nd ed.) [With accompanying CD-ROM]. Hoboken, NJ: John Wiley & Sons, Inc. ISBN: 9780471391906