Decision Making Introduction

Question 1

What is Critical Thinking?

Answer 1

Reasoning through a problem, being inquisitive and questioning, distinguishing between relevant and irrelevant information, and remaining fair and open-minded

Question 2

What are the 7 steps of decision-making?

Answer 2

1. Problem identification
2. Information Gathering
3. Analysis and Evaluation
4. Consideration of Alternatives
5. Logical Reasoning
6. Challenging Assumptions
7. Recognising Biases

Question 3

Issues - What is uniqueness?

Answer 3

Each problem is different from another

Question 4

Issues - What is Importance?

Answer 4

The issue may require significant resources.

Question 5

Issues - What is Uncertainty?

Answer 5

There are many factors that are known imperfectly.

Question 5

Issues - What is Long-Term Effects?

Answer 5

The outcome of the decision will affect the company across a long period of time.

Question 6

Issues - What is Complexity?

Answer 6

Many factors will influence the decision process.

Question 7

Issues - What is Complex Preferences?

Answer 7

The desires of the decision-maker are not clear.

Question 8

What does the interdisciplinary framework for decision-making include?

Answer 8

• Values and Ethics
• Utility and Probability
• Group Behaviour
• Individual Behaviour
• Models and Simulation
• Environment

Question 9

What is a Decision Tree?

Answer 9

A support tool that uses a tree-like model of decisions and possible consequences to display the flow of possible courses and outcomes of a decision.