Included in the DecisionTools Suite or by itself, PrecisionTree performs decision analysis in Microsoft Excel using decision trees and influence diagrams. Decision trees let you visually map out complex, multi-layered decisions in a sequential, organized manner. This helps you identify all possible alternatives and choose the best option. PrecisionTree can also be combined with @RISK for more accurate decision trees.
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1. Right-Click Menus
Right-click on most PrecisionTree model elements to see a context sensitive menu containing a list of useful actions that can be performed on the object.
2. Branches Tab
The new Branches tab of the Decision Tree Node Setting dialog makes it easy to view, edit, and reorder the branches of a decision tree node in one place.
3. "Find" Utility
The new Find utility lets you navigate easily through large models.
4. Custom Number Formatting
The formatting of values and probabilities in your models are now easily customizable from within the Format tab of the Model Settings dialog.
5. Application Settings
The PrecisionTree Application Settings dialog contains customizable defaults such as report settings, default model options, and more. This is located on the Utilities menu.
6. Probability Normalization
By default, new PrecisionTree models will check that your branch probabilities add to 100%. PrecisionTree 1.0-style probability normalization can still be used, however, by selecting the option in the Model Setting Dialog's Calculation Tab.
7. Collapsing Nodes
Decision tree nodes can now be collapsed and expanded in multiple levels. To collapse a decision tree node, right-click on it and choose Collapse Child Branches.
8. Identifying Model Errors
PrecisionTree 5 contains a new Model Errors dialog that helps you to identify and locate modeling errors. This can be found on the Utilities menu or by pressing Alt-F12.
9. Locating Model Errors
PrecisionTree modeling errors will be displayed on the Excel status bar. When an error is displayed there, you can press Alt-F10 to automatically go to the location of the error. This feature may be turned off in the Application Setting dialog.
10. Policy Decision Table
The Policy Suggestion report contains a new Decision Table which lists each decision in a model, the probability of arriving at that decision, and the benefit of making the correct choice for that decision.
11. PrecisionTree Developer Kit
PrecisionTree 5 has a new Developer Kit language that allows you to automate PrecisionTree using Excel VBA. Go to the PrecisionTree Help menu and select the Developer Kit Help item for more information.
12. Calculations with VBA Macros
PrecisionTree 5 contains a new method of calculating decision tree path payoff values using a custom VBA formula. This option can be chosen on the Calculation tab of the Model Settings dialog. Using this method, you can drastically simplify your models. See the User's Manual for more information on how to get started.
13. R-Values as References
Utility function R-Values can now be references to an Excel cell. Among other things, this allows you to perform sensitivity analyses on the R-Values in your models. Set up your utility functions on the Utility Function tab of the Model Settings dialog.