Reflective Analysis: Decision Making Models, Methods, and Taxonomies

Reflective Analysis
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Table of Contents
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................3
Framework and models for making a decision................................................................................3
Decision making Methods...............................................................................................................5
Decision making taxonomies.........................................................................................................10
Conclusion.....................................................................................................................................11
References......................................................................................................................................12
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Executive Summary
This reflective analysis report has provided with the models, framework, taxonomies, and
framework used in decision making. The report has provided with the refection of my own based
on different models, methods, framework, and taxonomies. This report has provided with the
way of utilising this models, methods, taxonomies, and framework in making a correct and
logical decision. From the report, the right tool, method or technique to be used in making a
decision for a different situation of life is clearly understood.
Introduction
Decision making is one of the essential human processes. It is majorly made in the
condition of uncertainty. Decision making required a judgment of a human. Judgement can be
made on the basis of gut feeling and arises on the basis of past experiences. But with the
increase in uncertainty and rising number of independent variables, a decision will become more
complex and will result in less reliability for intuitive judgement. Therefore, at this stage, there is
need to have reliable methods, models, taxonomies and framework to help in making wiser
choices and select the best option for the alternative course of actions. I began to reflect on my
own decision making with the use of framework, methods, model, and taxonomies. This
reflective analysis report will provide the reflection on the various methods, taxonomies, models,
and framework of decision making used by me.
Framework and models for making a decision
Every person is required to take decisions from time to time. Retrospective decision-
making model is one of the effective approaches in selecting the best alternative. The choices as
per this model are rationalize based on the proper analysis and judgment (Gadassi, et. al., 2012).
The justification is made after making choices and after this, the additional alternatives are
searched for ensuring the rational and logical pertaining to the decision making. The decision as
per this model is intuitive and convinced the individual about the rational and logic in making a
decision on the important topic.
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I find Retrospective decision-making model effective when I was in the dilemma of
selecting the right process for my career. I completed my graduation and was required to make a
decision on the doing either business or job. I applied for a job and also accumulate ideas and
needs for starting own business. I identified the implicit favourites in the stage of recruitment
process of job and initial steps for the business set up. I continue searching all the alternative
actions and choices which will allow me to select the best alternative from choosing either Job or
business. I analysed about my own capability and needs in order to do job or business. In the
end, I convinced with the option of doing a job as it was logical. I analysed that doing a job is
more comfortable as I prefer more security rather than taking high risk.
According to Potter (2013), decision making should also enhance the achievement of a
goal. A proper understanding of the alternative course of actions must be developed in order to
understand the goals effectively. Full information must be collected to enhance the ability to
analyse the alternatives in the light of goals. There should also be a desire for selecting the best
solutions which can further satisfy the achievement of a goal.
As per Hwang, et. al., (2012), Rationality model emphasises on having a rationale for
taking a decision considering the objectives and intelligent action. It can further be attributed as a
nexus between means and ends. If one has chosen an appropriate means for reaching the desired
goal then a decision can be said to be rational. Furthermore, a bounded rational model does not
assume individual rationality in the process of decision.
In the words of Appelt, et. al., (2011), Rationality model does not suit to individual
rationality in making a decision as people does not seek enough information and normally settle
for less as the decision they want to take requires greater information.There is further greater
time, responsibility and process capability requires and therefore can be said as bounded
rationality.
I was once asked to invest 10 million dollars without any hesitation; I started searching
for the market news and also observed the comments of a financial analyst which provided me
the basic information for the investment. But in all that I ignore the other aspects of making an
investment such as the current policy of a government, economic conditions such as a change in
the interest rates and foreign exchange market. I just reached a conclusion of investing in the
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