Decision Making Model Flashcards, test questions and answers

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What is Decision Making Model?

Decision making is an important part of problem solving and is a key element in the success of any organization. A decision-making model is a step-by-step approach used to analyze and assess options until the best one is selected. The process allows for structured thinking, clear communication, and efficient use of resources. It helps to ensure that decisions are fair and equitable while also considering potential risks and rewards associated with each option. In this essay, I will discuss three popular decision making models: the Rational Decision Making Model (RDM), the Intuitive Decision Making Model (IDM), and the Adaptive Decision Making Model (ADM). The Rational Decision Making Model involves analyzing all available information about a problem or situation to generate possible solutions or alternatives. This method relies on logical reasoning and considers all available data points before choosing an option. It also takes into account external factors such as current trends, market conditions, customer feedback, etc., which can be used to determine which alternative presents the most benefit with minimal risk. The strengths of this model include its logical approach as well as its ability to weigh multiple variables at once before reaching a conclusion. However, it does require considerable time for analysis which can lead to delays in implementation or execution if not managed properly. The Intuitive Decision Making Model involves using instinctive judgments with little or no deliberation when making decisions quickly based on experience or knowledge previously acquired through practice or study. This method relies heavily on gut feelings rather than cold hard facts but can often provide creative solutions that would otherwise not have been considered when using more traditional decision making approaches. Such solutions could have huge advantages over those provided by other methods due to their out-of-the box thinking capabilities but carry higher risks due to lack of data points being considered during evaluation process. As such, this method should only be used when quick decisions are necessary under times of high pressure where accurate data isn’t readily available. Finally we have the Adaptive Decision Making Model which combines both rational thinking and intuition when evaluating alternatives in order arrive at informed decisions quickly without sacrificing accuracy or efficiency. This model utilizes techniques from both IDM & RDM while also taking into account external factors like market trends & customer feedback etc.