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Solution-Oriented Decision Models

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What constitutes a "good" decision?

Give an example of a specific business decision, and explain the criteria that might be used to determine whether it is a "good" decision or a "bad" decision.

Suppose that a business decision has a bad outcome. Explain two possible justifications for saying that you would make the same decision (in the same circumstances) again.

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What constitutes a "good" decision?

A good decision is one that achieves the objective of the decision maker. For instance, the selection of the advertisement media may be the decision, but if the decision enables the decision maker to achieve his sales target then his decision is good.
From another perspective, a decision that is made when it s required is a good decision. Too much procrastination may lower the value of the decision.

Decision, which is made systematically, using a well-established model using all the information that is relevant, is a good decision. Consider the example of the selection of site for setting up of a new store. There are three sites to select from. If the decision is made by using a proper decision making model and using all available information, the decision is likely to be a ...

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