Which are the most important advantages and major drawbacks in using Excel for DA modeling? Except transparency and friendly format for external users which are the most important issues from the modeling side. Is there some good tutorials and hands-on materials?
My first question is why would you want to use Excel when there are statistical packages that are specifically designed for statistical analysis? I am not aware of official Excel commands for decision trees, so I assume then you are referring to an add-on? If so, again, it seems that you would want to use a more robust statistical package for this type of analysis.
Dear Prof. Linden,
Thank you very much for you response.
Actually I have been regularly used TreeAgePro software for modeling part (sometimes AnyLogic for simulation modeling) and STATA for econometrics, but in some of new projects we are forced to build the models in Excel because many agencies (as England NICE) insist that cost-effectiveness/utility models for health technology assessment must be done and reported in Excel due the high transparency and avoiding black box modeling.
Excel have a some add-ons for this purpose as Precision tree (Palisade soft.).
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