Decision Tree Software
2 types
Decision tree software is used in two areas, computing and business. In the computing world, the decision tree is a very popular algorithm for data miningand machine learning. The software referenced here is that used in business as a predictive model, a way to make decisions that considers many possible options, the probability of those options and the potential financial value of each.
Decision tree software varies in price from free to thousands of dollars. The free software is often quite basic with limited functionality, but of course depending on what you want it for, some of these may be perfectly adequate.
Some programs are actually add-ins for Excel, enhancing the functionality of Excel and allowing you to generate more formal decision trees. And some carry a whole host of extra features that are great for those who love to play with data.
The pros and cons
Similar to other decision making software, these programs allow you to process a lot of information very quickly. The process by which you process, and the results of your processing, can usually be demonstrated graphically in a variety of ways, depending on your outcome. And sometimes this kind of presentation may be expected by your audience, so using it may actually be matching their expectations.
The downside, of course, is that the software is only as good as the user. The program does not make the decision! The program is simply following your instructions, so learn how to give good instructions.
All the programs are rational decision making processes.
Occam's decision tree software
If you know how to draw decision trees, this program is small and very easy to use. It allows you to quickly add branches, optimize sub nodes and so on. There are a range of free templates that allow you to tie it into some of the functions of Microsoft Excel.
The free trial can be used indefinitely (but no saving of work). The price is GBP 49.61 plus VAT. (All prices here are as of November 2006)
Lumenaut
Another add-in for Excel which provides a range of tools allowing you to build decision tree models from within Excel. It also allows for different types of sensitivity analysis and will obviously allow you to represent the information in a variety of visually appealing ways.
There is a one month free trial of this decision tree software, with academic and student customers being eligible for a free one-year licence. And there's also a network version of Lumenaut.
Vanguard Studio
This is a standalone program and is described as combining features of artificial intelligence, math applications and spreadsheets. The decision tree software aspect has a nice wizard which takes you step-by-step through creating the whole decision tree.
It also offers Monte Carlo simulation, another wizard for forecasting, statistical analysis and other methods. These are accessible from the various menu options, and there are also several examples of each included. This program can be used as a server based system but requires more software for this.
There is a 15 day free trial and the website says that a single user license starts at under $1000.
SmartDraw
While not strictly decision tree software, this program is popular for business graphics and allows you to quickly and easily draw various diagrams, of which a decision tree is obviously one form.
There is a free trial and initially you download a small file. Running this .exe file then downloads the trial software from the Internet, installing it at the same time. The price for one user is $297, with reductions for academics and students.
Try them out
Obviously this is only a small sampling of the decision tree software available. Before you purchase, it makes sense to know specifically what kind of functionality you want in your software. What exactly do you want it to do?
Because very often, this will determine the price you pay, as with most software. The more functionality you want, the more expensive it's going to be.
And, of course, there are lots of free trials. While these are great marketing tools, they also give you the opportunity to find out exactly what's in the box.
The vital aspect
And remember, the most important aspect of your software is you, the user. Remember that you are still making the decision, and the software is a tool to help you to do that. So if you're going to be making the decision anyway, you better know how to make a good decision...
If you wish, you can continue your search here...
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