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Decision-Making Models

If you have direct experience with decision-making models, please provide examples.

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Decision making is a mix of Science and art. Thought the course of our lives we are faced with many decisions. There is a different decision making processes for different decisions in our lives.

Bazerman Decision making model
Bazerman (1994, p. 4) says that rational decision making should include the following six steps: steps:

1. Define the problem, characterizing the general purpose of your decision.
2. Identify the criteria, specifying the goals or objectives that you want to be able to accomplish.
3. Weight the criteria, deciding the relative importance of the goals.
4. Generate alternatives, identifying possible courses of action that might accomplish your various goals.
5. Rate each alternative on each criterion, assessing the extent to which each action would accomplish each goal.
6. Compute the optimal decision, evaluating each alternative by multiplying the expected effectiveness of each alternative with respect to a criterion times the weight of the criterion, then adding up the ...

Solution Summary

This discusses the concept and implcations of Decision-Making Models