Rational Will ^®

Intuitive User Experience

The user experience of Rational Will® is intuitive enough so that you won't feel lost.

Free Live training (Zoom or Teams, whatever you prefer)

If you need, we will book a live one-hour one-to-one training session for you, demonstrating the various features of this software. We will walk thru the user interface and show you how to model a problem that you are concerned about.

Policy path in a rich Decision Tree

Based on your attitude towards risk, get a policy from a Decision Tree and know what action to take in what situation; Always have your plan-B ready before jumping to an action.

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Cost-Effectiveness Analysis for Healthcare

We are proud of the Cost-Effectiveness Plane visualizer we developed within Rational Will for healthcare students. You can incorporate QALY or DALY as your effectiveness payoff into an action or event node. You can select the QALY or DALY formula according to your need.

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Create a simple or complex Markov Chain inside a Decision Tree

Model Markov Chain directly into the Decision Tree and get Cohort Simulation results. Attach rewards to the Markov States and turn the chain into a Markov Decision Process. Use time-variant probabilities for a Markov chain that changes over cycles.

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Visualize various metrics and charts of your Markov Decision Process

Have a big screen? Enjoy the array of charts and metrics generated from your Markov Decision Process.

Extensive modeling of a Utility function

Rational Will® has extensive coverage on Von Neumann-Morgenstern Utility Theorem. Model your Utility function as many ways as possible using our rich visual drag and move chart editor. You can directly use the Exponential Utility Function, or Bernoulli Utility Function as well. Finally, use custom expressions if any of the built-in models won't suit your taste.

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Sensitivity Analysis

It is not worth trying to make everything perfect. Rather focus on and optimize the factors that matter most. Thru an exhaustive Sensitivity Analysis, see, how significantly your decision can change by changing a factor in your context. (What-If Analysis)

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Multi-Criteria / Multi-Objective decision analysis

You can set payoff for an action or an uncertain event with Multiple-criteria Utilities. Rational Will® objectives can encapsulate rich information for a payoff with multiple criteria. For example, some attributes can be Boolean Type (yes/no or true/false); some of them can be a Subjective type, Number type, or Categorical. Monetary type objectives can be used to calculate Net Present Value using an interest rate.

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Rich math expression editor for Multi-Criteria Utility Function and Monte Carlo Simulation

Drag and drop criteria to the expression editor, and use a mathematical operator and built-in functions to form your custom expression. You will love this editor when you will need to perform a Monte Carlo simulation of your Random Function.

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Risk Analysis

Realize the risks in any action you take. Observe a plethora of risk metric charts including Value at Risk, Entropy, Baumol's Risk measure, Domar and Musgrave Risk Index, Roy's safety first rule, Shortfall VaR, Variance, Standard Deviation, Certainty Equivalent, Risk Premium, etc.

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Every chart can be viewed as a data grid or exported to Excel.

Every chart you see in this application has a context menu that shows up with a right mouse click. In that context menu, you will find the option to view the chart data as a data grid or export the data as excel. Copy the data as CSV. Copy the image into the clipboard or save it as JPG/PNG.

Analytic Hierarchy Process

Now, Rational Will lets you model Analytic Hierarchy Process, and that extends your capabilities as a decision-maker in your organization.

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Bayesian Network

Create a Bayesian network in a very intuitive way, and diagnose the Root cause.

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Bayesian Inference

Whenever you model uncertainty, you can update your beliefs based on experimentation and observations.

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Model Probability Distribution as a payoff.

You can directly integrate a probability distribution as a payoff in your decision tree node.

Monte Carlo Simulation

When you have a probability distribution, Monte Carlo Simulation is performed automatically without asking you anything to configure. Whenever you have uncertainty, the Risk Profile chart is generated for you to visualize the complete possibilities of uncertain events and realize what can go wrong. Get prepared accordingly.

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Incorporate your attitude

The Rational Will® computes a strategy based on your attitude. If you acknowledge as a realist rational person, the Von Neumann-Morgenstern utility theorem - Maximize Expected Utility approach will be used. If you are a very pessimistic person who wants to avoid all kinds of risks, you can choose the LexiMin approach. If you regret opportunities, then the Minimax Regret approach is available for you. Hurwicz’s Optimism Pessimism rule is also available along with various customizations.

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Stochastic Dominance: (Up to the 3rd order).

When you compare random variables, Stochastic Dominance measures should be considered to rank the variables. Rational Will® can calculate Stochastic Dominance up to the 3rd Order. Whenever a model contains uncertainty, the stochastic dominance is calculated in the Result Panel.

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Get a detailed report in PDF and Excel

What would be the use of decision analysis software if you cannot create a beautiful PDF or Excel report?

A bundle of many of our software

You may notice that we offer some stand-alone decision analysis software, like Decision Tree Analyzer, Bayesian Network Software/Bayesian Doctor, Analytic Hierarchy Process, etc. If you get Rational Will®, then you will get all of them into a single software, which is definitely a streamlined user experience. You won't have to get them separately anymore.

All licenses are perpetual, no cloud subscription needed

We offer a perpetual license. The license you will receive for any specific version will never expire for that specific version or any version that you receive within your maintenance subscription period. We do offer a maintenance subscription which lets you give free updates for a year, but you are not obligated to update all the time. Please contact our help desk if you have any confusion.

Supported Operating Systems

This software is made for Windows machines. Any windows operating system that has Microsoft .NET Framework 4.8, you can install this software. If you are a Mac user, you can still use this software on your Mac OS using software like Parallels Desktop.