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.
Business Analytics
The process of using statistical analysis and modeling to explore and interpret business data to make informed decisions.
Game Theory
A mathematical framework used to analyze strategic interactions where the outcomes depend on the actions of multiple decision-makers.