Decision Analysis Software

Decision making software is a tool intended to support the decision making process but not to replace it. The software frees decision makers from the technical details of the decision-making method employed and makes it possible for them to focus on fundamental value judgments.

A large number of software packages are available. Their quality and price is extremely variable. Some of the packages are exorbitantly expensive. Some are less expensive and even free but nevertheless of high quality. I have selected the following packages for my own use:

TreeAge Pro
Analytica Free

These packages may be shortly characterized as follows:

TreeAge Pro is a visual modeling tool for building and analyzing decision trees, influence diagrams and Markov models. It employs Bayes analysis and multicriteria decision making.

AgenaRisk uses the latest developments from the field of artificial intelligence and visualisation to solve complex, risky problems. AgenaRisk enables decision-makers to measure and compare different risks in a way that is repeatable and auditable. The AgenaRisk solution includes predictive analytics and scales up to organisational-level risk monitoring and assessment. It is ideal for risk scenario planning.

1000minds is an online decision-making software for multi-criteria decision making. The software implements the “potentially all pairwise rankings of possible alternatives (PAPRIKA) method.

Analytica is a visual decision-making software. It combines hierarchical influence diagrams for visual creation and view of models, arrays folr working with multidimensional data, Monte Carlo simulation, for analyzing risk and uncertainty, and optimization, including linear and nonlinear programming.

PriEsT is an open-sources decision making software that implements the analytic hierarchy process method.

Decision Analysis Software – Page