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. 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. TreeAge Pro can not compute a model in the form of an influence diagram and has to transform it into a tree diagram in order to make it computable.
Analytica is a visual modeling tool for building and analyzing hierarchical influence diagrams. It employs arrays for working with multidimensional data, Monte Carlo simulation for analyzing risk and uncertainty, and optimization, including linear and nonlinear programming. Analytica can compute a model in the form of of an influence diagram.
AgenaRisk is a visual modeling tool for solving risky problems. It enables decision-makers to measure and compare different risks in a way that is repeatable and auditable. AgenaRisk employs predictive analytics.
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.
PriEsT is an open-source decision making software that implements the analytic hierarchy process method.
Extracting knowledge, understanding and insight from the data wave