Business owners have to make decisions every day on issues fraught with uncertainty. Information is not perfect, and the best choice is not always clear. One way to handle these vague situations is to ...

You can use decision trees to guide you in deciding among several alternatives. The decision-tree method allows you to approach the problem in a structured and systematic way to arrive at a logical ...

In last month’s article, we touched on the importance of probability in our daily lives. We shared brain teasers and non-intuitive facts that highlighted how an understanding of probability can help ...

Many scientific problems entail labeling data items with one of a given, finite set of classes based on features of the data items. For example, oncologists classify tumors as different known cancer ...