Decision-making software
 | It has been suggested that this article be merged into Decision support system. (Discuss) Proposed since October 2016. |
Decision-making software (DMS) is used to help individuals and organizations with their decision-making processes, typically resulting in ranking, sorting or choosing from among alternatives.
An early example of DMS was described in 1973.[1][2] Before the advent of the World Wide Web, most DMS was spreadsheet-based,[2] with the first web-based DMS appearing in the mid-1990s.[3] Nowadays, at least 20 DMS products (mostly web-based) are available.[4][5][6]
Though DMS exists for the various stages of structuring and solving decision problems – from brain-storming problems to representing decision-maker preferences and reaching decisions – most DMS focuses on choosing from among a group of alternatives characterized on multiple criteria or attributes.[4]
Purpose
DMS is a tool that is intended to support the analysis involved in decision-making processes, not to replace it.[5] "DMS should be used to support the process, not as the driving or dominating force."[7] DMS frees users "from the technical implementation details [of the decision-making method employed – discussed in the next section], allowing them to focus on the fundamental value judgements".[7] Nonetheless, DMS should not be employed blindly. "Before using a software, it is necessary to have a sound knowledge of the adopted methodology and of the decision problem at hand."[8]
Methods and features
Decision-making methods
Most decision-making processes supported by DMS are based on decision analysis, most commonly multi-criteria decision making (MCDM). MCDM involves evaluating and combining alternatives' characteristics on two or more criteria or attributes in order to rank, sort or choose from among the alternatives.[9]
DMS employs a variety of MCDM methods;[7] popular examples include (and see the table below):
- Aggregated Indices Randomization Method (AIRM)
- Analytic Hierarchy Process (AHP)
- Analytic network process (ANP, an extension of AHP)
- Elimination and Choice Expressing Reality (ELECTRE)
- Measuring Attractiveness by a Categorical Based Evaluation Technique (MACBETH) [10]
- Multi-attribute global inference of quality (MAGIQ)
- Potentially All Pairwise RanKings of all possible Alternatives (PAPRIKA)
- Preference Ranking Organization Method for Enrichment Evaluation (PROMETHEE)
- The Evidential reasoning approach for MCDM under hybrid uncertainty
Naturally, there are significant differences between these methods[7][9] and, accordingly, the DMS implementing them. Such differences include:
- The extent to which the decision problem is broken into a hierarchy of sub-problems;
- Whether or not pairwise comparisons of alternatives and/or criteria are used to elicit decision-makers' preferences;
- The use of interval scale or ratio scale measurements of decision-makers' preferences;
- The number of criteria included;
- The number of alternatives evaluated, ranging from a few (finite) to infinite;
- The extent to which numerical scores are used to value and/or rank alternatives;
- The extent to which incomplete rankings (relative to complete rankings) of alternatives are produced;
- The extent to which uncertainty is modeled and analyzed.
Software features
In addition to helping decision-makers to rank, sort or choose from among alternatives, DMS products often include a variety of additional features and tools;[3][4] examples include:
- Time analysis and time optimization
- Sensitivity analysis and fuzzy logic calculations
- Risk aversion measurement
- Group evaluation (teamwork)
- Graphic or visual presentation tools
Comparison of decision-making software
Notable software includes the following.
| Software | Supported MCDA Methods | Pairwise Comparison | Sensitivity Analysis | Group Evaluation | Web-based | |
|---|---|---|---|---|---|---|
| 1000Minds | PAPRIKA | Yes | Yes | Yes | Yes | [5] |
| Ahoona | WSM, Utility | No | No | Yes | Yes | [11] |
| Altova MetaTeam | WSM | No | No | Yes | Yes | [citation needed] |
| Analytica | No | Yes | No | Yes | [5] | |
| Criterium DecisionPlus | AHP, SMART | Yes | Yes | No | No | [citation needed] |
| D-Sight | PROMETHEE, UTILITY | Yes | Yes | Yes | Yes | [5] |
| DecideIT | MAUT | Yes | Yes | Yes | Yes | [5] |
| Decision Lens | AHP, ANP | Yes | Yes | Yes | Yes | [citation needed] |
| Expert Choice | AHP | Yes | Yes | Yes | Yes | [5] |
| Hiview3 | No | Yes | Yes | No | [5] | |
| Intelligent Decision System | Evidential Reasoning Approach, Bayesian Inference, Dempster–Shafer theory, Utility | Yes | Yes | Yes | Available on request | [5] |
| Logical Decisions | AHP | Yes | Yes | Yes | No | [5] |
| Loomio | ? | ? | ? | ? | Yes | |
| M-MACBETH | MACBETH | Yes | Yes | Yes | No | [10][12] |
| PriEsT | AHP | Yes | Yes | No | No | [13] |
| Super Decisions | AHP, Analytic Network Process | Yes | Yes | No | Yes | [14][14] |
See also
- Decision engineering
- Decision support system
- Project management software
- List of concept- and mind-mapping software
- Strategic planning software
References
- ^ Dyer, JS (1973), "A time-sharing computer program for the solution of the multiple criteria problem", Management Science, 19: 1379-83.
- ^ a b Wallenius, J, Dyer, JS, Fishburn, PC, Steuer, RE, Zionts, S and Deb, K (1992), "Multiple criteria decision making, multiattribute utility theory: The next ten years", Management Science, 38: 645-54.
- ^ a b Koksalan, M, Wallenius, J, and Zionts, S, Multiple Criteria Decision Making: From Early History to the 21st Century, World Scientific Publishing: Singapore, 2011.
- ^ a b c Weistroffer, HR, Smith, CH, and Narula, SC, "Multiple criteria decision support software", Ch 24 in: Figueira, J, Greco, S and Ehrgott, M, eds, Multiple Criteria Decision Analysis: State of the Art Surveys Series, Springer: New York, 2005.
- ^ a b c d e f g h i j Oleson, S (2016), "Decision analysis software survey", OR/MS Today 43(5).
- ^ Ishizaka, A.; Nemery, P. (2013). "Multi-Criteria Decision Analysis". doi:10.1002/9781118644898. ISBN 9781118644898.
{{cite journal}}: Cite journal requires|journal=(help) - ^ a b c d Belton, V, and Stewart, TJ, Multiple Criteria Decision Analysis: An Integrated Approach, Kluwer: Boston, 2002.
- ^ Figueira, J, Greco, S and Ehrgott, M, "Introduction", Ch 1 in: Figueira, J, Greco, S and Ehrgott, M, eds, Multiple Criteria Decision Analysis: State of the Art Surveys Series, Springer: New York, 2005.
- ^ a b Wallenius, J, Dyer, JS, Fishburn, PC, Steuer, RE, Zionts, S and Deb, K (2008), "Multiple criteria decision making, multiattribute utility theory: Recent accomplishments and what lies ahead", Management Science 54: 1336-49.
- ^ a b Bana e Costa, CA, De Corte, J-M and Vansnick, J-C (2012), "MACBETH", International Journal of Information Technology & Decision Making. 11(02):359-87.
- ^ http://create.usc.edu/sites/default/files/publications//dmsocialnetworkswithcover.pdf
- ^ "www.m-macbeth.com"
- ^ Siraj, S., Mikhailov, L. and Keane, J. A. (2013), "PriEsT: an interactive decision support tool to estimate priorities from pairwise comparison judgments". International Transactions in Operational Research. doi: 10.1111/itor.12054
- ^ a b "www.creativedecisions.org"