Decision Tree
A tree-like model of decisions and their possible consequences, used in data mining and machine learning for both classification and regression tasks.
91 topics found for
“decision modeling”
Logistic Regression
A statistical method used to predict a binary outcome based on prior observations, modeling the probability of an event as a function of independent variables.
Standard Economic Model
A theoretical framework in economics that assumes individuals act rationally and seek to maximize utility, used to predict economic behavior and outcomes.
Train/Test
A method of splitting a dataset into two subsets: one for training a model and another for testing its performance.
Fast and Frugal Heuristics
Decision-making strategies that use simple heuristics to make quick, efficient, and satisfactory choices with limited information.
Bounded Rationality
A concept that humans make decisions within the limits of their knowledge, cognitive capacity, and available time, leading to satisficing rather than optimal solutions.
Monte Carlo Simulation
A statistical technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate systems.
DACI Framework
Drivers, Approvers, Contributors, and Informed (DACI) is a responsibility assignment framework that clarifies roles and responsibilities.
Business Analytics
The process of using statistical analysis and modeling to explore and interpret business data to make informed decisions.