Decision-making software

Essay by kdubUniversity, Bachelor'sA-, January 2007

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The decision-making software that I've chosen to review is DecisionPro. DecisionPro is developed by Vanguard Software Corp and is used by both individuals and businesses and corporations.

1. How is this software designed to help with decision-making? What method does it use?

* DecisionPro is designed to help with decision-making by letting you look at the whole picture along with all of your options, possible outcomes and all other possible actions all at one time. (Vanguard, 2006)

* DecisionPro is a software application used for decision-support analysis and also business modeling. It helps you make business decisions that are the most likely to yield the most favorable results. This is made possible by laying out techniques for dealing with risk, making contingency plans, and also comparing the different competing alternatives where future outcomes are uncertain. (Vanguard, 2006)

* DecisionPro uses several different methods to help the user reach the most favorable decision.

Such as:

- Decision Tree Analysis

- Monte Carlo Simulation

- Forecasting

- Optimization

- Expert Systems

- Statistical Analysis

- Discounted Cash Flow (Vanguard, 2006)

2. Do you think that this software would help improve decision-making? Why or why not?

I do believe that this software would help with decision-making by laying out all possible outcomes and helping to choose the most favorable one. It improves decision-making because it employs several methods that let you look at several different scenarios at once. DecisionPro definitely helps in the decision-making process because it is designed to show a problem in many different frames. This is so that an objective decision can be made from now looking at the problem from what some might say as, "looking outside of the box." This is a big help for not only individual customers and small businesses, but also large corporations. (Plous, 1993)...