Running Head: FAMILIARITY OF DECISION MAKING MODELS
Familiarity of Decision Making Models
Jason Bonvallet
University of Phoenix
Familiarity of Decision Making Models
Nobody can argue that choices have been made for many centuries. From the caveman choosing to venture out of the cave for food or stay in for protection from the elements to the era of big businesses making vital corporate decisions to maximize company wealth; we have all made the choices that bring us here today. We make them on a day to day basis; our choice path and reasoning have only recently been studied and examined in the business sense. While there are many forms of decision making models, the University of Phoenix prefers the Problem-based method to instruct its students. The model constitutes nine steps to assist the decision maker to start analyzing the true problems and finishes with evaluating the results.
The Nine Steps
To start we need to access the situation and gather all the data that we need and transform that data into information we can use. Given all of our information what are our problems? These should not be symptoms of the underlying issue as those are just hurdles that the solution will leap over. Once we define the problem we need to have a good benchmark of success over the predicament, this is known as the "End-State" goal. We now have A and B, but the path has yet to be laid. Possibilities are abundant during the alternative choices creation step. Here we outline then grade potential roads to our success. With every choice there are some risks involved and they must be identified. After the careful weighing of the options the ...