PrecisionTree Standard
Introduction
PrecisionTree Standard is the foundational Decision Analysis Add-In for Microsoft Excel. Build decision trees and influence diagrams directly in your spreadsheet! Create diagrams easily by selecting cells in your spreadsheet and clicking node buttons at the PrecisionTree toolbar. Enter probabilities and payoffs directly in cells in your tree. With one click, PrecisionTree will run a powerful decision analysis on your model, determining the best way to proceed with your decision.
Decision Analysis
Decision Analysis is a process that allows you to examine decisions in a structured and efficient manner. Using decision trees and influence diagrams lets you detail all of your possible options and identify the best decision to make. Decision Analysis uses powerful analytical techniques developed at Stanford, Harvard and other universities over the past thirty years. The most efficient way to build a Decision Analysis model is graphically, using influence diagrams and decision trees. Both methods use symbols, or nodes, and lines connecting them. Influence diagrams quickly define the general structure of a decision model. Decision trees provide a more formal structure in which decisions and chance events are linked from left to right in the order they would occur. (For example, before you decide where to have a picnic, you need to determine the chance that it will rain.) The result is a tree structure with the "root" on the left and branches for each chance event or decision extending to the right. Probabilities of events occurring and payoffs for events and decisions are added to each node in the tree.
Who should use PrecisionTree?
Anyone faced with a set of alternative decisions should use PrecisionTree. Businesses use PrecisionTree to make decisions on introducing new products, factoring in decisions at each stage of marketing and production. Gas and oil companies use PrecisionTree to make the best decisions when developing an oil field. No matter what industry, PrecisionTree can work for you.