Category Archives: Decision Analysis Books

Decision Making Methods

A large number of decision making methods have been developed. A few of them are listed below:

Decision Trees
Influence Diagrams
Multicriteria Decision Analysis
Analytic Hierarchy Process
Analytic Network Process
Hierarchical Influence Diagrams
PAPRIKA Method: “potentially all pairwise rankings of possible alternatives”

These methods are implemented by various software packages, for example:

TreeAge Pro
AgenaRisk
1000minds
Analytica Free
Priest

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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
AgenaRisk
1000minds
Analytica Free
Priest

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.

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Decision Analysis

Decision Analysis is a systematic, quantitative and visual approach to addressing and evaluating important choices confronted by decision makers. Decision analysis utilizes a variety of tools to evaluate all relevant information to aid in the decision making process.

From <http://www.investopedia.com/terms/d/decision-analysis.asp>

After all of the alternatives have been analyzed and a final decision has been reached, there are steps that should be taken during the implementation process for that decision. Three essential actions to implementing a decision include creating an implementation plan, informing stakeholders, and finally, adjusting the decision to make compromises as necessary.

From<https://www.boundless.com/management/decision-making/decision-making-process/implement-the-course/>

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