Decision Making Model Analysis

Individuals, groups and teams make decisions everyday. Decision making is an essential skill that all of us will have to use at some point in our lives. In the business world, good decision making is important to leaders who want to lead their organizations to success. The process of choosing one course of action over another is commonly known as decision making. Consciously or unconsciously, people make decisions on a daily basis founded on one or more of the various decision-making models.

Decision-making is the study of identifying and choosing alternatives based on the values and preferences of the decision maker. Making a decision implies that there are alternate choices to be considered, and in such a case we want not only to identify as many of these alternatives as possible but to choose the one that best fits with our goals, desires, lifestyle, and values.(Harris, 1998)This particular decision-making model is consisted of five components: Framing, deciding, communicating, implementing and evaluating.

Example of Markov Decision Process (MDP) transitio...

Decision Making Chart

English: Flowchart of Rational Planning and Decisi...

A sound decision-making process based on reliable and accurate information leads to smart decisions. The steps in this model are listed in a linear approach but the processes are interrelated and can be repeated as needed throughout the process.

The first component is framing. This is where one must clarify the purpose and boundaries of the decision. Then Gather information, identify who is affected, who will make the decision, what knowledge or expertise currently exist to help with the decision making process, define by when the decision needs to be made, and communicate to affected partied who is making the decision and the rationale for it. The second component is deciding. This when the person or group define how the decision will be made, use appropriate tools that support data gathering, making the decision by combining data, negotiation...