Decision Tree Software Helps Businesses Discern and Navigate Steps to Achieve Goals
Commercial Litigators Use Qualitative Analysis, Probabilistic Simulations to Map Strategy, Drive Negotiations
ITHACA, N.Y.--(BUSINESS WIRE)--#InvestmentReturns--Decision tree software can help discern a logical strategy and progression to achieve goals, creating a visual map and path to success.
Ascendion Law, a commercial litigation based in Vancouver, uses Palisade’s PrecisionTree software for decision trees and predictive analytics to provide a targeted approach for clients. “We analyze each situation, assess probabilities, and determine the best track to the desired outcome, reducing liability, exposure and financial risk,” said Ascendion Law Managing Partner Chilwin Cheng.
Commercial litigation examples include breach of contract, partnership disputes, class actions, and shareholder issues. For example, decisions that judges use to determine outcomes in contract cases include proof of an offer and acceptance, worth of a contract and proof that something of value was transferred between two parties.
The team creates detailed decision trees to map out the numerous probabilities. The software helps calculate estimates to clients regarding the risks and rewards of a case, forecast case budgets, understand investigation areas, and focus settlement negotiations.
Cheng and his team literally give their clients the full picture, showing them the full range of percentages of certain amounts a case could win. “We like to make sure they know that they may have a 10 percent chance of winning a million dollars, but also a 90 percent chance of winning nothing,” says Cheng. “That’s much more informative than telling them the average amount of money they might win.”
Cheng and his team also use the analysis when negotiating settlements with the opposing side. “In one case, we were able to get 80 percent of what the client asked for,” says Cheng. “We literally sent the decision tree to the other side, and they then saw our rationale for our decision. We were able to have a rational conversation. With decision trees, negotiations are not just horse trading.”
With this powerful software, Cheng and his team have been able to give clients sophisticated estimates of case outcomes that other firms don’t provide. “A lawyer who can provide detailed, comprehensive, and defensible positions is providing value,” Cheng said. “We're leading the legal industry in law practice efficiency by embracing technologies and processes – artificial intelligence, probabilistic forecasting, lean manufacturing concepts, Agile models, and web-enabled customer experiences.”
Analysis Supports Decisions Across Industries
Cheng said the techniques are commonplace in many areas of advanced business. Executives responsible for selecting major capital projects, sending people to space, deploying major population-wide health programs routinely procure these studies to inform their decisions. “In all cases, these executives are seeking to forecast risk and opportunity. Lawyers are forecasters of risk and opportunity. We can mitigate risk and maximize the opportunity for our clients with decision trees and probabilistic analysis,” he said.
Examples of decision support and guidance for navigating multi-stage decisions across industries are numerous, from pharmaceutical companies using the software for life saving drug development to emergency services for evacuation and pandemic planning.
The decision support software may be added to any cell in a spreadsheet and can include arguments that are cell references and expressions - allowing great flexibility in defining decision models. The software utilizes the data and simulations to suggest the best decision at each decision node.
With more than 150,000 users globally, Palisade Company provides the world’s largest comprehensive risk and decision analysis software platform. Combining over 35 years of expertise and partnerships with over 90% of the Global Fortune 100 across a multitude of verticals, Palisade Company is uniquely positioned to offer a full suite of analytics tools that includes:
- @RISK for Monte Carlo simulation of data
- PrecisionTree for decision trees
- TopRank for “what if” sensitivity analysis
- NeuralTools for predictive neural networks
- StatTools for statistical analysis & forecasting
- Evolver for sophisticated optimization
- RISKOptimizer for Monte Carlo simulation & optimization
Headquartered in Ithaca, NY, Palisade Company helps companies optimize their decision making in many industries that range from finance to oil and mineral exploration, real estate to heavy manufacturing and pharmaceuticals to aerospace, as well as top business schools around the world. For more information on Palisade Company, call 800-432-7475 or visit www.palisade.com.
Scott Yates, OnPoint Communications (for Palisade)
Global Vice President of Marketing
Tel: +1 252 813 7277