Individuals must make decisions everyday. What should I wear? Where should I eat dinner tonight? Is this the right car for me? Do I want to spend the rest of my life with this person? The decisions we make can be simple ones, or in some cases can affect the rest of our lives. Not only do individuals make decisions, but also businesses must make critical decisions that could affect their future. This paper will analyze a decision making model and the steps that should be followed when coming to a decision. A recent decision that the author has made at work will also be analyzed using this decision making model.
There are many decision models available to use to help when one must make a decision. This paper will use a rational model. Even within the rational model, there are still many variations to the rational decisions model. "Each variation of these models either combines multiple steps, or lists them more generically.
Example of Markov Decision Process (MDP) transitio...
Decision Making Chart
Decision as a temporal processSome of these models include feedback and implementation steps" (The Decision Group, 2005). For the purpose of this paper a basic five step decision rational decision model will be analyzed.
The purpose of the rational decision model is to identify the issues and separate them. Once that is done, the data needs to be analyzed and a decision needs to be made based on that data. Of course critical to any decision that needs to be made is information. Not having enough information can force the decision maker to make the wrong decision. By following the steps outlined below making a decision should be an easier task.
The first step in the basic five-step decision model is to "identify and clarify the problem or decision to be made" (The Decision Group, 2005). This sounds simple enough but...