Decision Making Models And Why They Are Hard Essay

Length: 4 pages Sources: 2 Subject: Weather Type: Essay Paper: #42832539 Related Topics: Decision Making Process, Decision Making, Meteorology, The Decision
Excerpt from Essay :

¶ … MAU Models, explain the similarities and differences between the concepts you learned in multiple-criteria decisions and using a MAU model.

The similarities and differences are that multiple-criteria decisions and MAU model allow for criteria to be examined an analyzed by assessing their impact on a decision. But with MAU model, the impact of "Pareto dominance" becomes a factor and specific criteria can be selected or dismissed based on the needs analysis of the particular decision that needs to be made. What is obtained becomes the "Pareto efficient," which makes the possibility of analysis that much simpler (Lecture Notes, 2016). The subjective process is also involved in this decision making process and therefore needs to be examined in as objective a manner as possible.

The lecture discusses four reasons why decisions are hard. For each of the reasons, explain a personal experience you have had making a decision related to the reason.

Decisions are hard because you must frame the decision, identify alternatives, specify preferences, and rank alternatives. Decisions can also be complex (I know this from when I had to decide what to study at school -- a number of factors framed the decision, such as time, money, interest, effort, desire, utility). Decisions also involve uncertainty (I know this from dating -- asking yourself who this person is, whether you should spend time with them). Decisions are impacted by limited memory (I know this from trading stocks -- I forget the very good reasons I had for avoiding certain stocks and attempt to trade them all over again). Decisions can also be impacted by different perspectives: I had to frame the decision to get...

...

I had to identify alternatives to getting married -- remaining single. I had to specify preferences -- I preferred to be with someone and have a family, though I wasn't particular about who that someone was so long as the person respected my authority. I had to rank the alternatives about dating for life, being single, becoming a hermit, or getting married and having a family.

3. Discuss the subjective elements that might be involved in analyzing a particular decision.

The subjective elements include bias and perspective as well as preference and likes vs. dislikes. Each of these elements may factor into how we analyze a particular decision and make it easier to arrive at a conclusion or sometimes harder, depending upon which way we approach the decision making process. The way our minds work also affects our deciding -- thinking serially instead of parallel. We are also affected by memory, lack of will, attention, and bias.

4. Explain in your own words why we need to do Step 5 Re-scale Criteria Evaluations and Step 6 Calculate Weighted Average Scores and Aggregate when developing a MAU Model.

Step 5 Re-scale criteria evaluations are necessary because it provides another perspective on the data to be analyzed and factors in alternative approaches to account for bias, personal taste, etc. Step 6 Calculate Weighted Average Scores and Aggregate is necessary because it allows a comparison to be made and a sensitivity analysis to be performed, generating…

Sources Used in Documents:

References

Kessler. (2015). Youtube. Retrieved from https://www.youtube.com/watch?v=trrvV3SM5Cc,

Kessler. (2015). Youtube. Retrieved from https://www.youtube.com/watch?v=5pHDpnVPRvs


Cite this Document:

"Decision Making Models And Why They Are Hard" (2016, February 11) Retrieved January 20, 2022, from
https://www.paperdue.com/essay/decision-making-models-and-why-they-are-2155041

"Decision Making Models And Why They Are Hard" 11 February 2016. Web.20 January. 2022. <
https://www.paperdue.com/essay/decision-making-models-and-why-they-are-2155041>

"Decision Making Models And Why They Are Hard", 11 February 2016, Accessed.20 January. 2022,
https://www.paperdue.com/essay/decision-making-models-and-why-they-are-2155041

Related Documents
Decision Making Assessment
Words: 1962 Length: 5 Pages Topic: Careers Paper #: 9448682

Business Review of Making a Business Decision Decision making is an unavoidable part of business. Smaller decisions where there is a lower perceived cost associated with making the wrong decision are psychologically easer compared to important decisions where a wrong choice could incur high costs. A recent example of a decision involved selecting an employee for an internal promotion. The position of team leader had become available for one of following the

Israel's Decision-Making Strategies
Words: 4127 Length: 10 Pages Topic: History - Israel Paper #: 75334595

Decision Making Strategies Within any organization or process, there is the cognitive and purposeful role of decision making that is the result of taking in stimuli, choosing from alternatives, and making a final choice of an action, in action, or choice of action. This is true in the small business world, multinational corporations, individual life, and even with governments. It impacts Foreign Policy, trade, economics, and most certainly the idea of

Decision Making As the Owner of a
Words: 877 Length: 3 Pages Topic: Business Paper #: 13312844

Decision Making As the owner of a small grocery store, it has come to my attention that current business has been slow, and therefore, requires me to let go two employees of my total staff of four. By cutting my staff by half, this means that I would take on extra hours, as would another employee that I feel can handle the work-load, and can be trusted in taking on the

Decision-Making Styles
Words: 3455 Length: 10 Pages Topic: Leadership Paper #: 75677831

Decision Making Styles Leadership is the position of authority in which it is possible to provide guidance or direction through making decisions that will affect other people. There are many methods of decision making, and each individual person has a unique decision making style. Many different studies have explored the vast and quite possibly infinite numbers of decision making styles that are exhibited by people. One example of such personality studies is

Ethical Decision Making Project the
Words: 716 Length: 3 Pages Topic: Business - Ethics Paper #: 63484168

Output losses attributed toward alcohol were projected at $119 billion for 1995 (1). As this Alcohol Alert clarifies, several issues give to problem drinking that goes on in the workplace. Employers are in an exclusive situation to alleviate some of these factors and to inspire workers to seek assistance for alcohol problems. IDENTIFY the key values and principles involved. First, ethics or rules were broken because it is illegal to come

Conflict, Decision-Making and Organizational Design
Words: 1467 Length: 5 Pages Topic: Business - Management Paper #: 47008560

Firstly, fact-based decision-making can be challenging. This is mainly evident when it comes to choosing the facts to be followed and the ones to be dismissed. Note that, data to be used in decision-making should be relevant and logical, and determination of this is quite difficult. Secondly, evidence-based management does not adequately address the value of judgement and intuition. This is mainly in situations of high uncertainty and risk