ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A chance node, represented by a circle, shows the probabilities of certain results. A decision node, represented by a square, shows a decision to be made, and an end node shows the final outcome of a decision path.

Detailed explanation-2: -The circles show that there are outcomes as a result of a choice. The lines coming from a circle show the expected outcomes. The probability shows the estimated likelihood of a given outcome.

Detailed explanation-3: -Along the decision pathway, there is usually some point at which a decision leads to an uncertain outcome. That is, a decision could result in multiple possible outcomes, so an uncertainty node is added to the tree at that point. Branches come from that uncertainty node showing the different possible outcomes.

Detailed explanation-4: -A decision tree consists of three types of nodes: Decision nodes – typically represented by squares. Chance nodes – typically represented by circles. End nodes – typically represented by triangles.

Detailed explanation-5: -Decision tree symbols Contains details about a chance event or uncertain outcome; also referred to as a circle leaf node. Alternative branches. These branches indicate a possible outcome, action, or event. Rejected alternative. These are branches that show a possible choice that was not selected.