Decision Model of Choice Essay

1030 Words Sep 16th, 2013 5 Pages
Clifford Brown
Week 1– MAIN POST (Redo)
September 08, 2013
Business Research for Decision Making
MGT600 - 1303D – 07 American InterContinental University

Introduction:

This report will show my views on whether the text model or the model of my choice is more business friendly. I will list the strengths and weakness of each model. I will also list some of the risks associated with each approach.

Body: Business decision making definition according to BusinesDictionary.com: “The thought process of selecting a logical choice from the available options.” Decision making in business is very important. Many decisions are made in business every day. Some may be large and some may be small. Some decisions
…show more content…
Next enter the determining factors that you are interested in along the top. You then need to decide the weight for each factor. The example shows safety risk as a 4 and management difficulty as a 2. This means that safety is twice as important a factor as management difficulty. The final entries are for your opinion(scale of 1-10) of what your opinion is of how a given factor affects a given alternative. Remember that negative factors are opposite. This means that for a negative factor such as safety risk, high numbers mean low risk. For a positive factor such as stability, high numbers mean high stability. The winner is the highest number in the totals column. You still may have to decide between 2 or more alternatives whose totals are the same or very close. However, you will have eliminated a whole lot of less desirable alternatives” (BusinesDictionary.com,2013). Regardless of which model that is used, there are still some common biases that will be present. Heuristics, a simplifying or rule of thumb bias, is generally helpful. However, it can cause severe problems. Human judgment can be bounded. Bounded awareness is a

Related Documents