Ep 99: Exploring Your Alternatives Using Decision Trees

In this episode, Sharon Rice, Managing Director of Business Strategy at .orgSource, delves into the powerful application of decision trees for navigating complex business choices. Through three illuminating examples, Sharon demonstrates how this tool can guide decisions with clarity and precision. First, Sharon explores the decision-making process behind whether to work, shop online, or stay in bed, weighing costs and potential revenues. Next, Sharon examines the critical question of whether to hold, cancel, or transition a fall conference to a virtual format, factoring in registration costs and associated probabilities. Lastly, Sharon tackles the nuanced issue of dues billing for the upcoming three months, weighing options like continuing as planned, suspending billing, or offering extended grace periods. By employing the decision tree framework, Sharon highlights how businesses can quantify costs, revenues, and probabilities to make well-informed, data-driven choices. Throughout the discussion, she underscore the importance of not only vetting numerical data but also integrating both quantitative and qualitative considerations in the decision-making process. Listen in!