In research work, decision tree analysis is used very frequently. It is one of the best types of probability tree. The benefits of this analysis compel every second researcher to use it and get the best end results in the right manner. This analysis aims to work on the methodology of research and make it best suitable as per the research problem. From a broader perspective, there are two research methods, including quantitative and qualitative. From these two methods, the decision tree analysis works well for quantitative data. That is how, you can plan best for research having numeric data. With the help of selected analysis, you can better outline the potential results. Also, you can get to know about the budget required for the execution of research. The last and most important factor is associated with the final decision made at the end of the research. As per its importance, this article aims to discuss the use of decision tree analysis for selecting a methodology for the dissertation.
How to Use Decision Tree Analysis for Methodology Selection?
There are several steps in performing decision tree analysis. Each step has a particular role to play, and you are supposed to focus on the core purpose of each step. In this way, you can end up with an effective decision for research. Also, you need to be careful about the sequence of steps associated with analysis. If you randomly perform the steps of decision tree analysis, this approach would not benefit you at all. So, let’s discuss the ways to use this analysis for the selection of dissertation methodology.
Come Up with Problem of Research
The very first step is to define the research problem for the dissertation. It is a research problem that sets the foundation of a dissertation, and you can get a single direction to follow for your work. Investment is a major decision that needs proper logic, and you have to be careful about it. Also, you have to use this analysis in the form of a flowchart. The first step in the flow chart is about the decision of the research problem. You can see if you want to work on an innovative idea or if there is a research gap to target.
Model The Whole Process Relevant to the Decision
In this step of decision tree analysis, you have to add the chances and decision nodes. With the help of chances and nodes, you can model the process of analysis. For one main idea or problem, you can make multiple decisions. After that, each decision is treated separately. The expansion of the tree should be till the point where further expansion is not allowed. When you reach the end point of decisions, then you need to work on nodes. This way, you can complete the whole process of tree.
Set the Best Values of Probability
The completion of the tree is a sign of the start of analysis. There are always multiple decisions, and each decision is treated separately. The calculation for probability value is made for each decision with special precautions to reduce the chances of mistakes. The amount of investment made as per the applied financial data of research. In this step of decision tree analysis, the major, as well as minor branches are treated equally, and nothing is ignored at all. First of all, you have to apply the probability values, and secondly, you have to go for financial data. Based on calculated values of probability, you can make a good comparison.
Go for the Solution of Decision Tree
Finally, the step of the solution is here. After performing the above-mentioned step, you will get multiple values. Each value has an association with the dissertation methodology, but you can select any random value. For the selection of value, you have to see which one can provide more benefits. For this, you have to see the rank of value. For example, if you have selected the lowest value, it can be the worst decision. The low value indicates the least chance of having the best end results. So, what you have to do is to go for the highest value of probability. The highest values have the potential to maximize the criteria of decision for dissertation methodology.
Execute the Analysis of Sensitivity
The second last step of decision tree analysis is sensitivity analysis. This step works well to identify the reaction of the selected solution. Here, you can determine if the changes are good to go or if there should be an amendment in the decision. The practical implementation of the decision is made, and then the results are identified. In this step, you can see if there is a need to make amendments in the magnitude of reaction based on the decision made or if there is a need to change the whole solution.
List Down the Assumptions
The last step of decision tree analysis is to list down the assumptions. The assumptions can be for accounting as well as for cost finding. Also, there can be some other assumptions based on the need of the hour. You have to explain the function of each assumption, as it can help you make a final decision. Once you are done with it, you need to see if the results obtained are valid to incorporate into the research.
Final Thoughts
By following the above-mentioned steps, you can perform decision tree analysis very well. From selecting the problem to make the right decision, you have to be steadfast and follow the right direction. The model decision step can be a little tricky to handle. So, in this step, you have to put in the effort and find all the possible alternatives which match the constructed problem of the dissertation.
