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Student Decision-Making Assignment

   

Added on  2021-04-16

18 Pages4316 Words75 Views
Running head: DECISION-MAKING1Decision-MakingStudent’s nameProfessor’s nameCourse titleInstitutionDate

DECISION-MAKING2Table of ContentsExecutive Summary ..........................................................................................................................3Decision-Making.................................................................................................................................4Introduction ........................................................................................................................................4 Decision Making Models ..................................................................................................................4 Rational Model ..............................................................................................................................5 Administrative Model ..................................................................................................................6Intuitive Decision-Making Model..................................................................6Recognition-Primed Decision-Making Model....................................................7Tools and Techniques for Decision-Making...........................................................................................7Reflection......................................................................................................8Application of Decision-Making Models..............................................................9Impact of Intuition......................................................................................10Application of Decision-Making tools................................................................11Human Factors and Behavioral Economics.......................................................12Advantages and Limitations..........................................................................13Recommendations..........................................................................................13Conclusion....................................................................................................14References....................................................................................................15

DECISION-MAKING3

DECISION-MAKING4Executive SummaryDecision-making is an integral part of life. People are often presented with situations that require their considerations to establish prompt decisions. Many times, decisions are made without regard for the actual process but the solution. However, there are tools, frameworks, techniques and models that help in decision-making. Examples of major models include rational decision-making model, intuitive decision-making model, the administrative model, and recognition-primed decision-making model. These models have different qualities and procedures. They are applicable in different circumstances and each model displays certain benefits and limitations associated with their use. Some of the tools and techniques are decision trees, t-charts, SWOT analysis, the decision matrix, cost-benefits analysis, conjoint analysis and Delphi technique. These are utilized together with the models in decision-making. Like the models, they are applicable in different circumstances. The reflection on decision-making puts into perspective the application of the models, tools and techniques. Decision-making situations come with advantages and disadvantages. Proper recommendations for future practice is necessary for continual improvement.

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