Decision Making » In One's Personal Life
Some of the decision making techniques that we use in everyday
life include
- listing the advantages and disadvantages of each option, popularized
by Benjamin Franklin
- flipping a coin, cutting a deck of playing cards, and other
random or coincidence methods
- accepting the first option that seems like it might achieve
the desired result
- tarot cards, astrology, augurs, revelation, or other forms of
divination
- acquiesce to a person in authority or an "expert"
- let us never forget the ultimate decision maker...rock, paper,
scissors
Decision making in healthcare:
In the health care field, the steps of making a decision may be
remembered with the mnemonic BRAND, which includes
- Benefits of the action
- Risks in the action
- Alternatives to the prospective action
- Nothing: that is, doing nothing at all
- Decision
Path Dependency:
It is perhaps pertinent to note that the cost of making no decision
at all itself is a factor, and that the benefit of making some decision,
even a random choice, can be beneficial in the longer term. Thus
the reversibility of an action may be a good way to judge whether
or not an action or process is beneficial. A resource can also be
viewed as something expendable, or bearing a cost, rather than the
implication of selecting something irrevocably.
Even life and death decisions have been priced this way, as in
the insurance industry.
Decision making in business.
Several decision making models for business include:
- Decision trees, Program Evaluation and Review Technique (PERT),
critical path analysis, and critical chain analysis
- Pareto Analysis
- Paired Comparison Analysis
- Grid Analysis
- PMI
- Force field analysis
- Six Thinking Hats
- Cost-benefit analysis
- buyer decision processes
- scenario analysis
- complex systems
- optimization and constrained optimization
- linear programming
- model (economics)
- min-max criterion
- Monte Carlo method
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