A decision tree can help you make tough choices between different paths and outcomes, but only if you evaluate the model correctly. Decision trees are graphic models of possible decisions and all ...

David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.

Business owners have to make decisions every day on issues fraught with uncertainty. Information is not perfect, and the best choice is not always clear. One way to handle these vague situations is to ...

Decision tree analysis is a method of constructing a decision tree, which is a detailed representation of numerous potential solutions that can be utilized to address a specific problem to choose the ...

In last month’s article, we touched on the importance of probability in our daily lives. We shared brain teasers and non-intuitive facts that highlighted how an understanding of probability can help ...

Many scientific problems entail labeling data items with one of a given, finite set of classes based on features of the data items. For example, oncologists classify tumors as different known cancer ...