Unlocking Decision-Making: The Power of Decision Trees in Business

In this episode, we dive into the world of decision trees and their role in enhancing business decision-making. Using Kris Beacon’s Catering by Kris as a case study, we uncover how decision trees can evaluate the value of additional information in purchasing strategies. Discover how Kris can optimize his orders of Chickee Puffs to reduce waste and maximize profits. We’ll guide you through building a decision tree, calculating expected values, and weighing the costs of hiring an analyst for demand forecasting. Join us for insights that can transform your decision-making process!