Posted: October 27th, 2022

Intro to Data Mining

ITS-632 Intro to Data Mining


Don't use plagiarized sources. Get Your Custom Essay on
Intro to Data Mining
Just from $13/Page
Order Essay

Dept. of Information Technology &

School of Computer and Information Sciences

University of the Cumberlands 


Week 5 Assignment

[Your Name Here]

Decision Tree Assignment

Play now? Play later?

You can become a millionaire! That’s what the junk mail said. But then there was the fine print:

If you send in your entry before midnight tonight, then here are your chances:

0.1% that you win $1,000,000

75% that you win nothing

Otherwise, you must PAY $1,000

But wait, there’s more! If you don’t win the million AND you don’t have to pay on your first attempt,

then you can choose to play one more time. If you choose to play again, then here are your chances:

2% that you win $100,000

20% that you win $500

Otherwise, you must PAY $2,000

What is your expected outcome for attempting this venture? Solve this problem using

a decision tree and clearly show all calculations and the expected monetary value at each node.

Use maximization of expected value as your decision criterion.

Answer these questions:

1) Should you play at all? (5%) If you play, what is your expected (net) monetary value? (15%)

2) If you play and don’t win at all on the first try (but don’t lose money), should you try again? (5%) Why? (10%)

3) Clearly show the decision tree (40%) and expected net monetary value at each node (25%)

Expert paper writers are just a few clicks away

Place an order in 3 easy steps. Takes less than 5 mins.

Calculate the price of your order

You will get a personal manager and a discount.
We'll send you the first draft for approval by at
Total price:

Order your essay today and save 20% with the discount code Newyr