Decision-making software

Decision-making software (DMS) is a term integrating decision analysis tools to facilitate a 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.

Basic principles

DMS is based on multi-criteria decision analysis (MCDA) and its variants, such as:

• Analytic Hierarchy Process (AHP)
• Analytic network process (ANP, an extension of AHP)
• Elimination and Choice Expressing Reality (ELECTRE)
• Multi-attribute global inference of quality (MAGIQ)
• Multi-attribute utility theory (MAUT)
• Potentially all pairwise rankings of all possible alternatives (PAPRIKA)
• Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE)

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, DMS often features additional tools for effective decision analysis:

• Time analysis and time optimization
• Sensitivity analysis and fuzzy logic calculations
• Risk aversion measurement
• Group evaluation (teamwork)
• Graphic or visual presentation tools

Comparison table

Software	Supported MCDA method(s)	Pairwise comparison	Time analysis	Sensitivity analysis	Group evaluation	Risk management	Web-based version
1000Minds	PAPRIKA	Yes	No	Yes	Yes	No	Yes
Analytica		No	Yes	Yes	No	Yes	Yes
Criterium DecisionPlus	AHP	No	No	Yes	No	No	No
DecideIT	MAUT	Yes	No	Yes	Yes	Yes	Yes
Decision Lab		Yes	No	Yes	No	Yes	No
Decision Lens	AHP, ANP	Yes		Yes	Yes		Yes
D-Sight	MAUT, PROMETHEE	Yes	No	Yes	Yes	Yes	Yes
Expert Choice	AHP	Yes	No	Yes	Yes	Yes	Yes
Hiview3		No	No	Yes	Yes	No	No
Logical Decisions	AHP, MAUT	Yes	No	Yes	Yes	Yes	No
MakeItRational	AHP	Yes	No	Yes	Yes	No	Yes
MindDecider	AHP	Yes	Yes	Yes	Yes	Yes	No
Rational Focal Point (RFP), RFP Smarter Government	AHP, ANP	Yes	Yes	Yes	Yes	Yes	Yes
TreeAge Pro		No	No	Yes	No	Yes	No
Very Good Choice	ELECTRE	Yes	No	Yes	Yes	Yes	No

See also

• Decision engineering
• Project management software
• List of concept- and mind-mapping software
• Strategic planning software

Further reading

• Figueira, José; Greco, Salvatore; Ehrgott, Matthias, eds. (2005). Multiple Criteria Decision Analysis: State of the Art Surveys Series. International Series in Operations Research & Management Science. New York: Springer. ISBN 9780387230818. OCLC 58725565. 
• Maxwell, Daniel T. (Winter 2008). "Decision Analysis: Find a Tool that Fits". OR/MS Today 35 (5). ISSN 1085-1038. http://www.analytics-magazine.org/winter-2008/222-decision-analysis-software-survey.html.