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Decision Making Software Analysis and Discussion - Essay Example
Making decisions is something we all do constantly even without consciously being aware of doing so. However, at times humans allow their own biases, preferences, and preconceptions cloud their judgment. At other times complex problems can require complex solutions that may entail expending more time than we have available…
It allows the user to input various possible scenarios to arrive at the best possible solution for each particular situation. Decision Lab allows for the complex computation of figures and further allows for organization of data into meaningful tables and charts. Several other possible applications include: entering multiple sides of an issue or points of view for a particular situation to arrive at best case outcomes; to input data relative to assumptions or hypotheses to understand needed actions and guidelines; input data to determine the most sensible steps to take; and to perform extensive statistical data manipulation with relative ease.
Visual Decision recommends the product for a wide range of applications including strategic planning, financial analysis and credit analysis. The software was designed for use with Windows which has universal appeal and application potential since it can customized for multi use integration. Additionally, the software itself is not cumbersome to use and was designed in similar fashion as MS Excel which is widely used. This reduces the time to necessary to learn new software application.
Decision lab is based on the PROMETHEE and GAIA methodology. ...