Question

Decision Tree Assignment Play now? Play later? You can become a millionaire! That's what the junk mail said. But then there was the fine print: If you send in your entry before midnight tonight, then here are your chances:

Answer 1

Answer:

The best option is to play now as the expected value of play now is

USD 24,431.

Explanation:

The decision tree is a flow like chart which enables to identify the best decision based on the possible probabilities of multiple events. The technique of decision tree is used when there are various options. Every decision is placed on the node of the leaf. These nodes are assigned a probability which makes it easy for the managers to take decision.