Which of the following defines a sequence of decisions and chance outcomes?

The correct answer is a decision tree. A decision tree is a visual representation that depicts a sequence of decisions and chance outcomes. It helps in displaying the various possible scenarios and the consequences of each decision at different stages.

In a decision tree, each branch represents a different decision or chance event, leading to different outcomes. This method is particularly useful in complex decision-making contexts where multiple layers of decision points and uncertainties exist. By illustrating the relationships between decisions and their potential consequences, a decision tree aids in systematically evaluating options and outcomes, allowing decision-makers to see the bigger picture and make informed choices.

While decision strategies are essential in guiding how decisions are made, and decision nodes represent points where decisions must be made, they do not provide the comprehensive framework that a decision tree does. Influence diagrams also illustrate decision-making processes but are less focused on the sequential nature of decisions and outcomes compared to decision trees.