The decision making tools help you to map out all the possible alternatives to your decision, it’s cost, as well as chances of success or failure. These applications provide a useful way to make the right choice by simplifying the decision making process and by drawing a diagram.
Following is a handpicked list of Top Decision Tools, with their popular features and website links. The list contains both open source(free) and commercial(paid) software.
Decision Making Techniques and Tools
1) SWOT Diagram
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT Diagram is an important management application that helps any organization to assess its current situation. It works as a basic guide for strategic planning.
Tool to create SWOT Diagram: Creately
Creately is an easy way to create SWOT diagrams online. It is one of the best tools in decision making that contains 100s of readymade SWOT analysis templates. It has a user-friendly interface that enables you to customize your diagrams. You can use this tool to collaborate around your organization strategies in real-time.
2) Decision Making Diagram
Decision making diagrams are graphs that enable you to map out the decision you have taken. It is one of the best decision making methods that helps you to estimate eventual actions based on the outcomes and risks. You can use this diagram for planning team strategy.
Tool to create Decision Making Diagram: Lucidchart
Lucidchart is a tool that helps you to build decision tree diagrams. This software can be used to collaborate with your teammates in realtime. It enables you to visualize potential paths and examine outcomes. Lucidchart can simplify decision making process using technical diagrams.
3) Strategy Map
Strategy map is a diagram that can be used to document strategic business goals. This map is created during the planning process of business. It is used as a primary material to check-in and review meetings.
Tool to create Strategy: Cascade Strategy
Cascade Strategy is a decision making tool that provides a drag and drop interface to build strategy Map. This tool supports a wide range of frameworks. It is one of the best tools for business decision making which allows you to export map to the PDF file format.
4) Decision Matrix
A decision matrix is a technique that contains values that helps you to identify and analyze the performance of the system. The elements of a decision matrix show results depend on specific criteria.
Tool to create Decision Matrix: Mindtools
Mindtools convert your data into row and column. It represents table row as your decision and factor as a column. It is one of the best decision analysis tools which enables you to score each option from 0 (indicate poor) to 5 (indicate very good).
5) Pareto Analysis
Pareto Analysis is a method for decision-making. It is also known as 80/20 rule meaning, 20% of your activities will account for 80% of your results. It is used for prioritizing possible changes by identifying the problems and resolve them.
Tool to create Pareto Analysis: Visual Paradigm
Visual Paradigm helps you to add or input data to your pareto chart easily. It is one of the best tools of decision making that enables you to change chart’s fonts and colors without any hassle. This tool automatically generates a chart based on the data available in the Google Sheet. Visual Paradigm allows you to resize the chart to any dimension.
