MIS 2101.711 – Jonathan Latko – Summer 2018

Weekly Question #2

Leave your response as a comment on this post by the beginning of class on May 22, 2018. Your response only needs to be about three or four sentences. These weekly questions should reinforce class discussions, readings and show some insight.  

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Here is the question:

This week, we reviewed Business Rules, Decision Trees & Conceptual Architecture Diagrams.  What are some other areas, other than information systems, where you could see a decision tree being really helpful?  Why?  

29 Responses to Weekly Question #2

  • A decision tree could be helpful when trying to figure out how to deal with what kind of car you want to buy. You can create a decision tree first by the type of car, then if you want a 4 door or coupe, 4 cylinder or 6 cylinder, and etc. There are many things you can put on a decision tree for a car that can help you narrow down your decision.

  • I could see a decision tree being useful in the fast food industry or on a production line in a factory. Anything that requires decisions to be made that can have multiple players or moving parts involved can see a benefit in using a decision tree. I think there are many things that it could be useful for especially for figuring out the path which makes most sense.

  • Decision trees are used in multiple places and one example of where they can be used other than IS is Finance. I used a decision tress that basically divides the client into three different types of investors for our platforms we offer in regards to investing. If the client would prefer to make them on his own the tree leads to a self-directed solution, if the client would like to manage it through an online risk assessment survey it leads to a guided investing solution, and if the client would prefer to work with an advisor it leads to a select portfolio solution. There are multiple other variables involved, but that is just a short snippet of how a decision tree could be used in the finance industry.

  • I can see a decision tree being helpful when selecting a stock to buy. Depending on your investment theory, strategy, or policy, you must make certain decisions to determine if a stock should be purchased. For example, an investor purchasing a stock may want to make sure that the market capitalization, price-to-earnings ratio, or free cash flow of a company are at a certain level before buying shares of the company. Since investors and equity traders take into consideration multiple different criteria before making an investment, a decision tree can be very useful.

  • I can imagine a decision tree being useful in event planning. Since there are so many different elements that help to determine other decisions, it would be particularly helpful to have a physical drawn out graph, organized graph to help make certain decisions. For example, if the event is a wedding, it could help narrow down venue, who to invite, music, colors, food selection, etc. Also, similar to the example in the video, I think it would also be helpful in planning the costs for such things as well.

  • I could see a decision tree being very useful in Operations. A decision tree could be used to determine which course of action to take as it relates to inventory decisions, plant management/layout, or allocation of resources. It would help the Operations Manager map out the various options, evaluate criteria objectively, and arrive at the best decision.

  • A decision tree could be helpful in countless situations. One example that comes to my mind is government or politics. Lets say there is a law or situation where a decision has to be made with multiple people and multiple options; you could use that decision tree to lay out the multiple options, and create a visual that can be physically seen so all the options can be weighed out and properly evaluated.

  • I think the decision tree would be helpful in food industry, finance, etc. Decision tree can determine what course of action we need to take and what it would relate to.

  • I think the decision tree would be helpful in food industry, finance, etc. Decision tree can determine what course of action we need to take and what it would relate to. For example, for a wedding that is taking place in Orlando, FL. the decision tree can help me narrow everything down, with all the questions venue, invite, music, decoration, etc.

  • I think a decision tree can be helpful in just about any situation. We make decisions on just about everything; how we want to study for tests, where we want to eat, what we want to do with our lives, how much money we should spend, etc. As human beings, we make so many decisions in a day that I think a decision tree would generally be helpful to plan out a day, any ideas you may have, weighing pros and cons of things, etc. There are, in my opinion, an unlimited amount of uses for a decision tree. For example, if you were looking at a list of required classes you needed to take to graduate and you wanted to be able to graduate by a certain time, you’d look at what classes are offered when, how you can arrange them so you can take them all, if I take this class in the summer, it would free up room for this class in the fall, etc.

  • A decision tree is also a great tool to use in operations management. One example could be if a company is trying to decide if they should open a new facility and how big the facility should be. The tree could be used to outline the potential profits and losses as they depend on different market conditions. I think it is an easy and effective way to diagram a large variety of decisions even every day choices that are somewhat complex.

  • I can see a decision tree being a great tool in employee benefits consulting. When designing a benefits plan for a company, you must evaluate many different options to decide what plan design is the best fit for the company. The decision tree would be very useful in outlining different plan options so that clients can clearly see their choices, and the potential impacts of those different options. Decision trees are essential in the business world because it is a very simple way to evaluate complex business decisions in a way clients can understand them.

  • I think decision trees could be used in any industry, however one where i think it is important is in accounting. I believe this because there are millions of people in the United States who need to file their taxes, and tax laws are very complex. Decision trees are great to use to break down such complex laws. A decision tree would be able to help accountants or citizens to file their taxes quicker and correctly by breaking down the scenarios for the tax laws put in place.

  • We use decision trees in our everyday lives, at work, and within our interactions with others. It is important to gather enough information and to evaluate all the different choices and options so we make an informed decision. For example, if we are small business owner and would like to expand our business or add a new product line or add a new facility, or hire more employees etc, we need to come up with a detailed and calculated business plan, we need to be prepared for any surprises and downfalls and be able to come up with alternative options.

  • Decision trees are used by the military quite frequently. In the early 2000’s some of our Naval aviation support elements started to incorporate Lean Six Sigma. During the initial incorporation we utilized decision trees to eliminate wasteful processes. This not only allowed us to cut down on wasteful purchasing, it also made the elements more efficient in the manufacturing of aircraft parts and repair schedules. We also use decision trees in our operational risk management process. It helps us mitigate risk while accomplishing missions.

  • Decision trees are a more graphical way to show business rules, so I think they could be used every where there are complex business rules. A decision tree could be beneficial in choosing the right shipment method, the right plane to fly on, or the right model of an item to buy. Decision trees can also be useful to see what items to invest in or what items to manufacture. They make it easier to understand as opposed to listing out all the details of business rules.

  • Decision trees can be used in just about any industry because it helps plan out all the possible outcomes and decision makings for a business. Not only does it show the outcomes, but possible consequences to avoid. Many entrepreneurs and small business owners use this method to help analyze down the road of the possible outcomes. Entrepreneurs and small business owners are constantly looking for some ways to expand their business anyway way they can, so they need to come up with different scenarios to prepare for the unexpected.

  • I think decision trees are perfect for someone who runs or manages a restaurant. Working in a restaurant for a little while I see how they make and can lose money. There is a lot that goes into running a restaurant and making people happy. Having a budget and inventory is key in order to make a profit. I feel as though if you used a design tree to figure your liquor, food, staff, and utilities cost and narrow down each. the decision tree it could help you decide where you need help and where your restaurant or company is doing well. A decision tree could also tell you If expanding would be a smart idea adding a new way to give customers services that you haven’t thought before.

  • it seems like decision tree is something like an Excel or word document that can help people to analyze the different “ways”. So this is something that can be useful and also it can reduce the rate of mistakes that we have by using it. Whenever you have too much information that you simply would forget some of them, a decision tree is needed for people to make a correct and efficient decision. While shopping you can use decision tree to compare the cost and the value, when you manage your schedule, you can use it to be more efficient. It is a tool that can help you be efficient and make the correct decision.

  • A decision tree is a helpful tool for being able to weigh certain options against each other, to come up with the best plan. Whether you are running a business and need to begin the hiring process, or you need to choose a certain product, a decision tree can help to create a picture of all of the details that go into making the best, most profitable decision. I can see how a decision tree could be useful when trying to plan a vacation or any kind of travel. One could make a decision tree to weigh the pros and cons of using a certain travel agency versus another agency, in terms of cost, ratings, better service…etc.

  • The decision tree is useful especially for someone who wants to buy stocks. You may use the decision tree to compare different companies’ stocks. You may do some prediction for those stocks you want to buy, and then you can use decision tree to compare which one or more could let you get the most interest.

  • I think that a decision tree would be helpful for deciding what major to go to school for. The structure of the decision tree would enable a person to weigh different factors that would be universal across all majors. By being able to quickly compare the different facets of a major a person would be able to efficiently make a decision based off of factual information.

  • A decision tree would benefit you in almost every situation, it highlights the strength and weakness along with the possible outcomes in the form of a graph or decision model. Many people use a decision tree without even recognizing. A decision tree could benefit a business, deciding which employees to hire, which marketing techniques to chose, sales pitch and more. Every part of a business requires multiple factors in order for the business to be successful.

  • A decision tree can be useful for deciding the cost benefit of manufacturing a product. It would be helpful in assessing the profit margin, competition in the marketplace, supply chain logistics and beyond. The more inputs included in the tree, the more useful it will be to the end user. If the decision is made to move forward and start production, a decision tree can still be used and refined to make the manufacturing process more efficient and assist in decisions relating to expansion.

  • One area a decision tree would be useful is in HR. When hiring an applicant, the hiring manager can weed out certain applicants by using a decision tree to set certain criteria that the applicant must meet. For example, is this person authorized for work in the country->if yes->Does this person have experience->yes/no if yes ->and so on until the hiring manager decides whether to put application in yes or no pile.

  • I believe a decision tree can be useful on everyday basis including both your personal and professional life. In your professional life, you can use decision tree to weigh out all different options and scenarios to help you become more efficient in your career. You can also use a decision tree in your personal life on daily basis when it comes to fitness. Many have a goal they want to achieve when it comes to fitness, using a decision tree to come up with a workout plan to help achieve your goal can be extremely helpful.

  • One area that decision trees are helpful is in scientific research. They are often used to decided which course of action would provide the greatest utility. For example when developing a product there are many questions that need to be answered, but you don’t have forever to answer them all. A decision tree helps find the pertinent questions which will help speed up the development of the product.

  • A decision tree can be utilized by a business for types of expansion such as new facilities, locations, workforce, product lines and others. With so many moving parts a decision tree will help set parameters around different options and organize those options in a way that can be easily processed. In a location expansion a decision tree would help to organize the negative and positive characteristics, identify any “non-starters” in each location and analyze any cost benefits associated.

  • There are many fields of area where a decision area would be helpful. One example could it in event planning, where you need to decide what type of event you need to plan with what type of materials/props, food, etc, is necessary, and so on. Trees could also be be helpful when trying to decide what type of insurance you need to sell to someone in the financial/insurance industry, and so on. There are so many options, and combinations/permutations for every single type of person especially with insurance. Additionally, one may need to use a decision tree when they need to hire someone. HR employees may create webs, including a person they want to hire, with their strengths and weaknesses, and so on.

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