A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences, including chance-event outcomes, resource costs, and utility. Take a look at the image to get a sense of how it looks like. From a business decision point of view, a decision tree is the minimum number of yes/no questions that one has to ask, to assess the probability of making a correct decision, most of the time. As a method, it allows you to approach the problem in a structured and systematic way to arrive at a logical conclusion.
