Introduction to Decision Evaluator:

Decision Evaluator is a tool that can improve and simplify decision-making process.

It's with a tree-like graphical user interface. You can use it as usual as the way of make decisions.


Problem to sovle:

When people make decisions, there may be many steps to reach the final stage. And one boring thing is that there are always more than one options for one decision, and there are also always more than one probabilities of every situation you will face.

So this software provides a user-friendly way for user to finally choose a best way to reach the final goal with most benefit and least loss.

Who should use it:

It could be widely used by varieties of kinds of people.

For example, managers, consultants and other business decision makers.

Of course, it could also be used by other kinds of people, such as teachers, engineers who would like to make their personal decisions.

One example:

One example is stock investment.

After you input the payoff (positive number means your benefit and minus numbers means your loss) on every step, and the probabilities of win and loss,The software will automatically calculate a best path you should make decision, which is marked by red.

Comment from softpedia

Comes in handy for business managers and regular individuals alike, providing a way to keep track of all the scenarios a decision might lead to

Taking every scenario into consideration when making a decision is the way to make sure that the unexpected will not occur. Whether we are talking about financial and business decisions or personal ones, the process is the same: you choose one option and face the consequences.

Build a decision tree to visualize all the alternatives you have and their consequences

Whether you are a business manager, a consultant, an investor or, why not, a regular individual, Decision Evaluator can come in handy when you have to choose between one or more options. This application assists you in performing a decision tree analysis to cover all the possible outcomes of your initial decision. In other words, it is a decision support tool that helps you build a graph to model the decision process and all the possible consequences, with additional information regarding costs and wins.

Features all the standard elements of a decision tree in a surprisingly simple interface

The simplicity of the application is striking, but you must take the time to learn how decision trees are built to get the most out of it. You start by creating a new project, which will be the primary node of your new flowchart-like structure. To progress, you must right-click and add new decisions, situations, or options, although it would probably have been better to also have a toolbar and shortcuts to manage nodes. Decision nodes are represented by squares and generate two or more "Yes/No" options, with different costs. Displayed as circles, chance nodes can result in two or more possible options of type "Yes" and "No" (or "True" and "False"), with different probabilities. By default, the application only inserts two options, with equal chances, but you can easily add more. Last but not least, end nodes are represented by rectangles and automatically show the outcome of your decision tree.

Practical application that requires objectivity from your part to build a realistic decision tree

Decision Evaluator can be used in practice, in different circumstances. For instance, it can serve as a tool for deciding upon stock investment, as it can store the payoff for each step. In this case, you can leave it to the application to determine what is the best path to take to minimize the loss or maximize the win. While a decision tree can definitely help you in choosing between multiple options, you have to make sure you don't rule anything out when building it. Furthermore, a healthy dose of objectivity is required to make sure the offsets are realistic.

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