Pros and Cons: Overview
Pros and Cons analysis can be a very handy tool when you need to do some very quick analysis
When you start the SpiceLogic Rational Will app and click the "Pros and Cons" button from the dashboard, you will be presented with a screen like this:
There are 3 ways to use this modeling tool. You can choose a
1. Rating based weighting criterion,
The most straight forward strategy is the Rating based analysis where you can rate a pro or a con a number between 1 to 9. That's why this option is selected by default.
The next strategy is "Cost-benefit analysis". Using this method, you can use money as a measure of value. You can price out any benefit or cost in terms of money. The 'result panel' will calculate and display the chart on Profitability and Benefit to cost ratio.
The last strategy is a pairwise comparison, where you can compare one pro or con against another, and based on your relative weight, the software will calculate a final weight of individual pro/con. Then, the total value will be calculated and displayed.
Uncertainty and Probability
Each strategy will let you mark a pro or a con as uncertain. Then, you will be able to assign a probability value for that uncertain pro or a con. If you do so, the expected value will be calculated and displayed.
For example, this is a typical model of a dilemma, should I take a vacation?
When uncertainty is used, the Expected value is calculated.
Editing, deleting and rearranging items
Every item can be easily edited, deleted, and rearranged by drag and move.
You can double click on any item to turn into Edit mode. For example, just by double-clicking on the item "Comfortable", the item is now in edit mode. Hit the Enter key when the editing is done.
Use the right mouse click to see the context menu for the edit/delete option as well, as shown below.
You can drag and move up or down the options as well.
The result of any analysis is presented in the analysis panel as shown here.
Here is a detailed view of the analysis panel.
Pros and Cons analysis has a problem that, you may include a feature as a Pro, and also include the same feature missing as a con in another competition option. If you do do, it won't be a fair judgment. So, the Heuristic analysis will try to detect such a problem. As of today, it is not based on artificial intelligence, rather it simply looks for words and performs a simple analysis. You can learn more about this feature from this page.
1. We have a plan to improve the Heuristic Analysis based on improved artificial intelligence if enough users request for such a feature.
2. We want to add support for Interest rate based Net Present Value calculation, same like Decision Matrix and Decision Tree already has such a feature.
3. Sensitivity Analysis on Pros Cons and Cost-Benefit Analysis, same as Decision Matrix and Decision Tree tools.