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

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.

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.

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 ...