Taking decisions is not always easy, especially if we are talking about the business sector. Aiming to assist statistics and probability experts, as well as entrepreneurs and managers, the SpiceLogic Decision Tree Analyzer provides an intuitive application for creating decision trees, without neglecting cost-effectiveness, utility value and risks.
Set the criteria, start the decision tree or use machine learning
The developers of the Decision Tree Analyzer wanted to create a tool that can be used by anyone and a pleasant user experience and, therefore, they built an application with an intuitive wizard-like GUI that guides you through all the steps needed to create your own decision tree. Moreover, if you get stuck, a video tutorial and extensive documentation can surely help you out.
Upon launch, you are prompted to choose how to begin your new project. You can start by setting up the criteria to consider, starting the decision tree directly or using machine learning to determine how others made a decision based on a data source.
Create and set decision criteria
If you are curious, then you should probably start by playing around with a new decision tree to see what the application can do. A decision tree can be started with a decision node, a chance node or a Markov model. Starting with a node takes you to the editor directly, where you can start designing the decision tree as you see fit. The right-click menu comprises tools and options that allow you to edit the text in a node, convert, insert or delete nodes, all with just a few clicks.
The interesting part is the analysis of the decision criteria. At this point, you can opt for regular criteria-based analysis or a cost-effectiveness analysis in healthcare. For instance, you can choose to maximize revenue or minimize cost as two of the criteria to apply. Designed specifically for the healthcare sector, the second analysis focuses either on effectiveness or cost to help you make the best decisions.
The decision tree can be exported with ease as a diagram image or directly to Excel or PDF format, so that you can easily share it with others.
A powerful decision tree software tool
SpiceLogic Decision Tree Analyzer helps you create small or large decision trees and provides the tools you need to conduct a thorough analysis for making a decision. Healthcare students will be happy to find out that they can create Markov chains as well, with attached rewards to the Markov states.
There is more to discover in SpiceLogic Decision Tree Analyzer, as it can also perform payoff modelling, Cohort simulations, sensitivity analysis, probability distributions and Monte Carlo simulations. In other words, SpiceLogic Decision Tree Analyzer is a powerful tool in the right hands.
What’s new in SpiceLogic Decision Tree Analyzer 6.1.11:
- No breaking changes are made. Refactored and optimized for better performance.
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