Question

1. Which model of decision making are you most comfortable with and why?

2.How is your decision making process different as you make decisions in a group setting versus alone?

3.How could you apply your knowledge pertaining to decision models to your work or to other decision making activities?

Answer 1

1.

I am most comfortable making decision using multiple models. First of all, I like to use an ethical framework to chalk out the alternatives, various possible outcomes and the states of nature. Then use the decision theory approach of alternative vs states of nature in a matrix structure to make the decision.

I feel this combine ethics and also objectivity to the decision making process.

2.

When we make decision in the group we need to collect consensus among the group members before we can finalize a decision. This is a time consuming process as there are likely going to be alternatives and support for them. As a result, this delay the overall decision making process.

However, when we are alone, we can make any decision that want.

3.

The best application of decision making models is to utilize them even for making small decisions. This will help us practice and also makes the habit of making structural decisions. For example, a model such as the classical decision making model is only three steps. This can easily be used for any decisions or event. Use of such models makes the decision making more systematic