Tree diagrams, also known as probability trees or decision trees, are quite versatile and may be useful in many fields, including finance.

Probability Trees: Theory The basic idea of a probability tree is to use the properties of probability to make a branching diagram of different outcomes.

First, represent the information on a tree diagram: From the tree diagram, the probability of winning the second set = 27 50 + 10 50 = 37 50.

Try these interactive flashcards based on GCSE maths past papers. By working your way through the flashcards created by experts, you can prepare for your maths exams and revise commonly used ...

Example 3.3: Contract Bidding Problem This example illustrates the use of several of the graphics options for producing graphics quality decision tree diagrams. The production manager of a ...