Visual Decision Analysis in Your Spreadsheet Have you ever been faced with a complex, multi-stage decision like what is the best strategy for testing and drilling for oil, or should we build a new plant or buy an existing one? What about bidding on a new project – what should you bid, and how should you react to your opponent’s bid? Or perhaps you are faced with determining the best litigation strategy is in a legal dispute, or the best series of medical tests and procedures to maximize a patient’s chance of recovery? PrecisionTree helps you tackle these types of complex, sequential decisions. With PrecisionTree, you can visually map out, organize, and analyze decisions using decision trees, right in Microsoft Excel.
Decision trees are quantitative diagrams with nodes and branches representing different possible decision paths and chance events. This helps you identify and calculate the value of all possible alternatives, so you can choose the best option with confidence. PrecisionTree has also been fully translated into,,,,,, and.
New in Version 7 – View and Share Decision Trees in BigPicture » Palisade’s BigPicture is the mind mapping and data exploration add-in now included with the DecisionTools Suite. Offering unparalleled visual diagramming and reporting capabilities, BigPicture is becoming widely used for analyzing, discussing, and sharing information about complex decisions. PrecisionTree now has the ability to export quantitative decision tree models directly to BigPicture, turning them into stunning visual maps that can be shared with any Excel user for presentation and discussion. With this capability, collaborative decision-making just got much easier, bridging the gap between quantitative probabilistic analysis and expert knowledge. How PrecisionTree Works Build a Decision Tree Decision trees provide a formal structure in which decisions and chance events are linked in sequence from left to right. Decisions, chance events, and end results are represented by nodes and connected by branches.
The result is a tree structure with the 'root' on the left and various payoffs on the right. Probabilities of events occurring and payoffs for events and decisions are added to each node in the tree. With PrecisionTree, you’ll see the payoff and probability of each possible path through a tree. PrecisionTree functions may be added to any cell in a spreadsheet and can include arguments that are cell references and expressions - allowing great flexibility in defining decision models. You can also collapse and restore branches to the right of any given node for simplicity and easier navigation through the tree, and insert nodes at any point in a tree. You can even append symmetric subtrees to particular nodes, greatly speeding up the building of large models. Berchtold Elektrotom 530 Service Manual.
Analyze Your Results PrecisionTree determines the best decision to make at each decision node and marks the branch for that decision TRUE. Once your decision tree is complete, PrecisionTree’s decision analysis creates a full statistics report on the best decision to make and its comparison with alternative decisions. PrecisionTree can create a Risk Profile graph that compares the payoffs and risk of different decision options. It displays probability and cumulative charts showing the probabilities of different outcomes and of an outcome less than or equal to a certain value. Advanced Features Bayesian Revision – This lets you to “flip” one or more chance nodes in a model in order to show probabilities calculated using Bayes’ Rule. This is valuable when the probabilities of a model are not available in a directly useful form. For example, you may need to know the probability of an outcome occurring given the results of a particular test.
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