Decision making software (DMS) is a term integrating decision analysis tools to facilitate person's decision making process, which results in a choice of a course of action or a variant among several alternatives. DMS belongs to the class of Decision Support Systems used to structure information, identify and solve problems and make decisions.
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Basic principles
DM-software is based on multi-criteria decision analysis (MCDA) and its varieties: Analytic Hierarchy Process (AHP), Multi-attribute value theory (MAVT), Multi-attribute utility theory (MAUT), Multi-attribute global inference of quality (MAGIQ), etc.
A decision problem is first decomposed into a hierarchy of more easily comprehended sub-problems, each of which can be analyzed independently. The elements of the hierarchy can relate to any aspect of the decision problem — tangible or intangible, carefully measured or roughly estimated, well- or poorly-understood.
Once a decision tree is built, the decision makers evaluate its various elements using concrete data for the elements or their own judgments about the elements' relative meanings and importance.
In the final step of the process, numerical priorities are calculated for each of the decision alternatives.
Additional features
Besides evaluation of alternatives and finding the best solutions DM-software often features additional tools for effective decision analysis:
- Pairwise comparison
- Time analysis and time optimization
- Sensitivity analysis and fuzzy logic calculations
- Risk aversion measurement
- Group evaluation (teamwork)
- Graphic or visual presentation tools
- Web-based version
DMS comparison table
| Software | Pairwise comparison | Time Analysis | Sensitivity analysis | Group evaluation | Risk management | Web-based version |
|---|---|---|---|---|---|---|
| 1000Minds | Yes | No | No | Yes | No | Yes |
| Analytica | No | Yes | Yes | No | Yes | Yes |
| Criterium DecisionPlus | No | No | Yes | No | No | No |
| Decision Lab | Yes | No | Yes | No | Yes | No |
| Decision Manager | No | No | Yes | No | Yes | No |
| DPL Syncopation | No | No | Yes | No | Yes | No |
| ERGO | Yes | No | Yes | No | No | Yes |
| Expert Choice | Yes | No | Yes | Yes | Yes | Yes |
| Hiview3 | No | No | Yes | Yes | No | No |
| Logical Decisions | No | No | Yes | No | No | No |
| RPM-Decisions | No | No | Yes | No | No | Yes |
| TreeAge Pro | No | No | Yes | No | Yes | No |
| Vanguard Studio | No | No | Yes | Yes | Yes | Yes |
See also
- Decision making
- Decision support system
- Multi-criteria decision analysis
- Analytic Hierarchy Process
- Project management software
- List of mind mapping software
References
- Figueira, J., Greco, S., Ehrgott, M. (2005). Multiple Criteria Decision Analysis: State of the Art Surveys Series: International Series in Operations Research & Management Science, Vol. 78, XXXVI, 1045 p. ISBN: 978-0-387-23067-2
- Maxwell D. (2008). Decision Analysis: Find a Tool that Fits, OR/MS Today, Vol. 35. Issue 5.
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