What is Decision Analysis?
Decision Analytics is a structured, quantitative approach to evaluating decisions that consists of a few core principles, some tools, and a process.
Why employ a Decision Analytic approach?
Decision Analytics is more than a computational method. It is a problem structuring paradigm, modeling approach and invaluable communication tool.
Through the use of Influence Diagrams and Decision Trees, a formal Decision Analytic framework explicitly defines decisions and their alternatives; uncertainties and their outcomes; and the output metrics that are most important in making the decision. Relationships between critical factors and the chronology of events that define the decision-problem are explicitly defined.
When the decision model is analyzed, the alternative with the greatest expected value of the output metric is indicated at each decision point ensuring the best strategy is followed, now and in the future, given the range of outcomes that are possible.
The intuitiveness and transparency of the decision analytic process ensures major stakeholders, analytic teams, and decision makers possess a deepened understanding of the decision problem and the confidence to act on the strategic directives indicated.
What is the best Decision Analytic software tool?
The DPL family of software products is the class-leading, easy-to-use Decision Tree-based Decision Analytic software tool for effectively quantifying uncertainties, enumerating options and uncovering new alternatives so the best, most informed decisions are made.
Syncopation Software offers users the most comprehensive set decision and risk analytic tools on the market for both single project and portfolio-wide applications:
- a unique, graphical Influence Diagram/Decision Tree combination for the modeling interface
- a swift and reliable analytic decision tree engine
- a full suite of insightful, presentation-ready results
- extensive support for linking decision models to Excel Cash Flow spreadsheets
With DPL analytics backing you, you can always be confident you have accounted for options and uncertainty to arrive at the best, most informed strategy for your business.