Decision Model Analysis

Decision Model Analysis

Decision Model Analysis

University of Phoenix

MGT/350: Critical Thinking Strategies in Decision Making

April 19, 2010

Joy-Yu Chuang

Decision making models are the tools or steps used to make rational, informed judgments, and aid in the process of critical thinking. While there are a variety of models from which to chose, Decision Step Models are most often used to facilitate the decision making process, and are simple step-by-step approach models than can be followed in sequence (decision-guide.com, 2010). The objective with Decision Step Models is to separate the issues, examine the data and reach a decision. A variety of Decision Step Models exist including six, seven, and eight step models; however this paper will offer an overview of the Decision Step Model – Five Step, and also provide a work-related example of how the model can be used during the decision making process.

Decision Step Model – Five Step

In business, making rational and informed decisions are imperative; one of the reasons that many organizations fail is due to bad decision making. A decision making model is often used because it provides a step-by-step process based on factual data which leads to a rational and informed outcome. The Five Step Decision Model is a general model for making logical decisions in a timely manner through a clear understanding of how all of the pieces fit together. The first step is to identify the decision to be made, and identify a goal or outcome. Secondly, information gathering is required to learn as much as possible about the situation; this may include interviewing key stakeholders, gathering data from files and other documentation, or creating a team think tank to review. Once the information is collected, it has to be evaluated and determined whether the information is accurate, biased, based on opinion or factual. After evaluation, alternatives and implications are considered. Simply put, this is the...