1
Q
What are decision trees?
A
A diagram that compares all outcomes of multi-stage decisions
2
Q
Why are decision trees used?
A
To reduce risk
3
Q
What are the advantages of decision trees?
A
- Show previously unknown possibilities
- Takes decision risks into account
4
Q
What are the disadvantages of decision trees?
A
- Probabilities are often estimated
- non-numerical factors can be too complex
OCR Business
flashcards
Decks in class (72)
# Cards
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Topic One, Part 1 - Entrepreneurs12
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Topic One, Part 2 - Constraints and Functions22
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Topic One, Part 3 - Types of sectors7
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Topic One, Part 4 - Franchises8
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Topic One, Part 5 - Business Size14
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Topic Four, Part 1 - Finance84
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Topic Four, Part 2 - Break Even9
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Topic Four, Part 3 - Accounting Concepts16
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Topic Four, Part 4 - Decision Trees (Requires Further Revision)4
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Topic Four, Part 5 - Costing Methods31
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Topic Four, Part 6 - Contribution10
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Topic Four, Part 7 - Budgets and Variance8
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Topic Four, Part 8 - Cashflow12
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Topic Four, Part 9 - Statement of Financial Position23
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INCOMPLETE Topic Four, Part 10 - Income Statement27
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Topic Four, Part 11 - Critical Path Analysis (Requires Further Revision)14
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Topic Four, Part 12 - Critical Path Analysis (Floats and Analysis/Requires Further Revision)7
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Topic Four, Part 13 - PERT5
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Topic Four, Part 14 - Depreciation14
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Topic Four, Part 15 - Ratio13
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Topic Four, Part 16 - Gearing Ratio12
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Topic Four, Part 17 - Profitability Ratio11
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Part Four, Part 18 - Efficiency Ratio5
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Topic Five, Part 1 - Communication20
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Topic Five, Part 2 - Group Norms15
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Topic Five, Part 3 - Workforce Planning17
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Topic Five, Part 4 - HRM Objectives3
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Topic Five, Part 5 - Recruitment process13
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Topic Five, Part 6 - Labour Turnover20
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Topic Five, Part 12 - Employment Law14
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Topic Five, Part 7 - Appraisals10
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Topic Five, Part 9 - Theories of Leadership27
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Topic Nine, Part 10 - Motivation12
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Topic Five, Part 8 - Leadership Styles13
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Topic Five, Part 11 - Trade Unions45
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Topic Six, Part 1 - Anticipating Customer Needs6
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Topic Six, Part 2 - Boston Matrix6
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Topic Six, Part 3 - Importance of Place6
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Topic Six, Part 4 - Influences on Marketing Activity3
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Topic Six, Part 5 - Innovation, Research and Development9
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Topic Six, Part 6 - Marketing Within A Business Environment12
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Topic Six, Part 7 - Price Elasticity12
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Topic Six, Part 8 - Pricing Strategies10
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Topic Six, Part 9 - Product Life Cycle15
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Topic Six, Part 10 - SWOT and PESTLE11
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Topic Six, Part 11 - Brand Loyalty11
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Part Six, Part 12 - Elements of Branding5
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Topic Six, Part 13 - Mass and Niche Marketing3
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Topic Seven, Part 1 - Capacity Utilisation and Management7
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Topic Seven, Part 2 - Productivity12
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Topic Seven, Part 3 - Stock Control18
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Topic Seven, Part 4 - Internal and External Quality Standards19
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Topic Seven, Part 5 - Lean production13
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Topic Seven, Part 6 - Location and Logistics4
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Topic Seven, Part 7 - Methods of Production UNFINISHED9
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Topic Seven, Part 8 - Operations Management Objectives and External Influences6
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Topic Seven, Part 9 - Productivity and Economies/Diseconomies of Scale12
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Topic Seven, Part 10 - Sampling Methods19
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All Equations52
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Topic Three, Part 1 - Markets28
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Topic Three, Part 2 - Supply and Demand10
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Topic Three, Part 3 - Equilibrium & Elasticity5
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Topic Three, Part 4 - Global Context12
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Topic Three, Part 5 - Political Factors24
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Topic Three, Part 6 - Ethical Factors4
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Topic Three, Part 7 - Economic Factors18
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Topic Three, Part 8 - Technological Factors8
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Topic Three, Part 9 - Legal Factors19
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Topic Three, Part 10 - Social Factors7
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Topic Three, Part 11 - Causes and effects of change and managing change13
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Time Series Analysis REQUIRES FURTHER REVISION10
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Topic Two, Part 1 - Business Objectives and Strategy6
