Decision Tree Software Helps Businesses Discern and Navigate Steps to Achieve Goals | Business

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Decision Tree Software Helps Businesses Discern and Navigate Steps to Achieve Goals | Business

ITHACA, NY – (BUSINESS WIRE) – Dec. October 2021–

Decision tree software can help identify logical strategy and progress to achieve goals and create a visual map and path to success.

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Ascendion Law, a commercial litigation based in Vancouver, uses Palisade’s PrecisionTree software for decision trees and predictive analysis to provide a focused approach to clients. “We analyze every situation, assess probabilities and determine the best path to the desired outcome to reduce liability, risk and financial risk,” said Chilwin Cheng, managing partner of Ascendion Law.

Examples of trade disputes are breaches of contract, partnership disputes, class actions, and shareholder problems. Decisions that judges use to determine outcomes in contract cases include, for example, evidence of an offer and acceptance, the value of a contract, and evidence that something of value has been transferred between two parties.

The team creates detailed decision trees to map the numerous probabilities. The software helps customers calculate estimates of the risks and opportunities of a case, forecast case budgets, understand areas of investigation and focus settlement negotiations.

Cheng and his team literally give their clients the complete picture and show them the full range of percentages of certain amounts that a case could win. “We want to make sure they know they have a 10 percent chance of winning a million dollars, but also a 90 percent chance of not winning anything,” says Cheng. “It’s a lot more informative than telling them how much money they could win on average.”

Cheng and his team also use the analysis in settlement negotiations with the other side. “In one case, we were able to get 80 percent of what the customer asked for,” says Cheng. “We literally sent the decision tree to the other side and they saw our reasons 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 provide clients with sophisticated case outcomes estimates that other companies cannot. “A lawyer who can provide detailed, comprehensive, and defensible positions adds value,” said Cheng. “We’re leading the legal industry in terms of law firm efficiency using technology and processes – artificial intelligence, probabilistic forecasting, lean manufacturing, agile models, and web-enabled customer experiences.”

Analysis supports cross-industry decisions

Cheng said the techniques are commonplace in many areas of the advanced business world. Executives responsible for selecting key capital projects, sending people into space, and delivering key population-wide health programs routinely source these studies to make their decisions. “In all cases, these leaders try to predict risks and opportunities. Lawyers are forecasters of risks and opportunities. With decision trees and probability analysis, we can minimize risk and maximize opportunities for our customers, ”he said.

There are numerous examples of decision support and guidance for multi-step decision making across all industries from pharmaceutical companies using the life-saving drug development software to emergency evacuation and pandemic planning services.

The decision support software can be added to any cell in a worksheet and can contain arguments that are cell references and expressions, allowing great flexibility in defining decision models. The software uses the data and simulations to suggest the best decision at each decision node.

About palisade

With more than 150,000 users worldwide, Palisade Company offers the world’s largest comprehensive software platform for risk and decision analysis. Combining over 35 years of experience and partnerships with over 90% of the Global Fortune 100 in a variety of industries, Palisade Company is uniquely positioned to offer a full suite of analytical tools that includes:

The Palisade Company, headquartered in Ithaca, NY, helps companies streamline their decision-making in many industries from finance to oil and mineral exploration, real estate to heavy industry and pharmaceuticals to aerospace and top business schools all over the world. For more information on Palisade Company, call 800-432-7475 or visit www.palisade.com.

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CONTACT: Media

Scott Yates, OnPoint Communications (for Palisade)

919-649-6621

scott@onpointprgroup.com Matt Barker

Global Vice President for Marketing

Palisade company

Tel: +1 252 813 7277

mbarker@palisade.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY LEGAL PROFESSIONAL SERVICES

SOURCE: Palisade Company

Copyright Business Wire 2021.

PUB: 06/10/2021 07:41 am / DISC: 06/10/2021 07:41 am

http://www.businesswire.com/news/home/20211006005549/en

Copyright Business Wire 2021.