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Sample Decision Tree In Gambling (Essay Sample)


The paper is about decision tree in gambling

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One of the biggest challenges of using modern technology is not having credible information on some of the marketing strategies that some companies implement to lure innocent individuals. Some companies implement strategies that lie to individuals to gain money from them, and this happens through sending email spams that claims that an individual has won something even without having participated in the lottery competition. Attempting these kinds of ventures is very risky sometimes because individuals lose money instead of gaining (Epstein 91).
Decision Tree
 True 0.01% 100%
 $ 1,000,000
 $ 0.00 $0.00 0% 0%
 False 0% 0.00 $ 7,500
 $0.00 $0.00
In a situation where you receive promises of becoming a millionaire after spending some good amount of money, there are high chances of not making any profit. Attempting to play in a gamble of 5%, it is not good to participate because the chances are very low that one will succeed win the millions, the expected monetary value after spending over $ 100,000. Gambling is a risky business because one can play, and not win on the first attempt, and in this case, one should not try again for a 5% chance of winning millions (Epstein 91).
A decision tree gives a possible outcome of such ventures since it explains its event outcome, utility, and resource costs. Through this, it is easy to understand a strategy that is likely to gi...
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