decision tree exam questions
November 13th, 2020

Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. In your construction project, a senior project manager has recommended you... Training Costs : Your decision tree helped you determine this one as well. Here are some resources to get in depth knowledge in the subject. #icon5289:hover{color:;background:;} #icon5280{font-size:20px;background:;padding:0px;border-radius:0px;color:#57ca85;} Therefore, right answer is B. Here is the leaderboard for the participants who took the test. We continue to emphasize the risk-neutral part because even though the EMV of making is $2.5M, you could actually lose $20M. 3. B. Classroom Revision Mock Exam Buy $199. 4. He collects those old statistics and decides to use decision trees to get his model. Do you feel like a decision tree expert? Then you’ll pretty much know every you need to know about EMV and decision trees for the PMP exam. Investment A. Now that’s a reason to celebrate. Forever FREE PMP Resources; Exam Simulators, PMP Progress Tracking, Weekly Exam Questions, ... PMP Exam Prep Seminar - PMBOK Guide 6 by Joseph Phillips, PMP Certification Training - 35 Contact Hours by Master of Project Academy, Project Manager´s Fast Start Program by OnlinePMcourses. In this case, recalculate whatever part of the decision tree you need to and answer it. A deciduous tree? The decision tree below represents the problem faced by a manager considering the introduction of a new product. Decision Tree Test; Decision Tree Test; Decision Tree Test. All Rights Reserved. Undertake the major upgrade There’s a 60% chance of a strong market and a 40% chance of a weak market. Well, draw your decision tree! On the PMP exam, you may be asked to analyze an existing decision tree. Before we take a look at a decision tree, you need to understand the decision tree key, which is pictured below. As graphical representations of complex or simple problems and questions, decision trees have an important role in business, in finance, in project management, and in any other areas. Unlike many PMBOK concepts, this one doesn’t get much tougher! contains affiliate links, meaning at no additional cost to you, we will earn a commision if you click through and make a purchase. Exam-style Questions: Production Decision Making. A. Shutdown and sell Previous Next. #icon7536:hover{color:;background:;}. If there’s weak market demand, you might lose $20 million (but you still have the product at least!). Investment A At a Decision Square - a branch from it represents a potential event - with a probability of it happening attached, There are two branches coming off the initial decision point - the top branch has a certain outcome, The lower branch has two possible outcomes, and a further 2 possible outcomes for each of these, The next step would be to label the tree and put the cash inflows/outflows and probabilities in, Calculate an Expected Value at each Outcome circle, Choose the best option at each Decision square, Finally, recommend the option with the highest expected value. If the EMV of Investment B increases to $260K, which option should you choose? Here’s how you apply that logic to your decision tree: The PMBOK guide does a clear job of describing decision trees on page 339, if you need additional background. Decision trees are a key part of expected monetary value (EMV) analysis, which is a tool & technique in the Perform Quantitative Risk Assessment process of Risk Management. In your IT project, you have recently carried out Earned Value... Resource Optimization : My advice would be to master the decision tree concepts and then move on. Dealing with Risk and Uncertainty in Decision Making . For this problem, build your own decision tree to confirm your understanding. D. Seek Expert Judgment. #icon5289{font-size:20px;background:;padding:0px;border-radius:0px;color:#57ca85;} Cash flows are shown in £million and probabilities are marked. #icon5280:hover{color:;background:;} #icon7536{font-size:20px;background:;padding:0px;border-radius:0px;color:#57ca85;} Unlike many PMBOK concepts, this one doesn’t get much tougher! They are transparent, easy to understand, robust in nature and widely applicable. Decision Trees 5 / 6. Anyway, comment below with your thoughts, and we’ll discuss! 7.Good luck! 1. Investment B. These cookies are currently disabled - to view this video, you will need to consent to and re-enable statistics cookies in your Cookie Settings, Download all ACCA course notes, track your progress, option to buy premium content and subscribe to eNewsletters and recaps, The Value of Perfect and Imperfect Information. In your IT development project, training courses will take place soon in order to... Work Assigned in the Project : Syllabus C. Decision-making Techniques C6. It is possible that questions asked in examinations have more than one decision. Decision trees help with quantitative analysis. What are a decision node’s inputs and outputs? 2 [16 points] Decision Trees We will use the dataset below to learn a decision tree which predicts if people pass machine learning (Yes or No), based on their previous GPA (High, Medium, or Low) and whether or not they studied. Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. . He now gets 9 data points, and two features: “whether stay up late before exam” (S) and “whether attending all the classes” (A). Notes Quiz Paper exam CBE Mock. If you buy the product, then you know it will cost you $5 million. This skill test was specially designed for you to te… A problem on the PMP exam might also give you a completed decision tree, then ask you what you should do if a particular factor changes. Cheers Your company wants to decide between Investment A, which will cost $100K upfront, and Investment B, which will cost $150K upfront. C6e. A key mistake that some people make when developing decision trees is putting the chance node before the choice node. If the economy performs well, Investment B will bring in $850K for your company, but if the economy performs poorly, then it will lose $300K for your company. Decision trees and Hierarchical clustering Assume we are trying to learn a decision tree. What should you do? Practice MCQ on Decision Tree with MCQ from Vskills and become a certified professional in the same. 4. Remember, the decision tree should logically flow — you have to make your investment decision before knowing whether the market will be strong or weak. A. 10-601 Matchine Learning Final Exam December 10, 2012 Question 3. A Decision Tree is a diagram that looks at alternative courses of action and their possible outcomes, Draw the Decision Tree (including all probabilities and outcomes). 6.You have 80 minutes. You may have one, two, or possible no decision tree questions on your PMBOK exam. Vskills Certifications; Why Vskills; Learning Through Q&A; HOW IT WORKS; SIGN UP; LOGIN; Decision Tree Test. 3. There’s a 75% chance there will be strong market demand and 25% chance there will be weak market demand. Decision tree analysis is used to calculate the average outcome when the future includes scenarios that may or may not happen. Welcome to the First OPEN Project Management Community. The good news is that after reading this article, you’ve now experienced easy, moderate, and difficult decision tree questions. ), then you’ll choose to make the product, because your EMV for making ($2.5M) is greater than your EMV for buying (-$5M). It is possible that questions asked in examinations have more than one decision. B. [PMBOK 6th edition, Page 435] [Project Risk Management]. Well first, build a decision tree! Everything you need to know about the PMP exam, 2 Organizational Influences and Project Life Cycle, 3 Best PMP Books to Help You Prep Smarter, Cost of Quality: PMP Topics to Learn for the Exam, Quality Management: PMP Questions to Review, Projects, Programs, and Portfolios: PMP Topics to Understand, 10 PMP Math Questions You Should Be Able to Answer, How to Monitor and Control Project Work: PMP Processes, Change Control, Change Requests, and the CCB: PMP Concepts, The Affinity Diagram: PMP Planning Tools that You Should Know. Therefore, right answer is B. Input: Cost of each decision; Output: Decision made, C. Input: Scenario probability; Output: Expected Monetary Value (EMV), D. Input: Cost of each decision; Output: Payoff. Sign up for Early Access to Magoosh PMP Prep! In a decision node, the input is the cost of each decision and the output is a decision made. B. C. Choose neither investment. 1. In the diagram above, treat the section of the tree following each decision point as a separate mini decision tree. Derive a similar formula for the entropy, for the case when the output variable has three values, and the partition associated to the test node in the decision stump would be [a+,b−,c∗].

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