Apply a business decision model to something you do every day, such as selecting an outfit, ordering lunch, or determining your exercise routine.
Apply a business decision model to something you do every day, such as selecting an outfit, ordering lunch, or determining your exercise routine. Be creative in your approach. How did you select the model? Include rationale with support from the readings.
Sample Expert Answer and Explanation
Despite the fact that the selection of an outfit to wear daily appears to be a simple task, it requires sophisticated tools such as a business decision model. The business model I use daily to select outfits to wear is the cost-benefit analysis. This business model identifies the cost and the benefit of choosing a specific option (Henke et al., 2020, p. 9854). If the benefit outweighs the cost, then the action is viable. On the other hand, it is prudent to select the next best alternative if the costs outweigh the benefits.
When I select an outfit, I incorporate cost-benefit analysis into a series of steps. The first step is usually the identification of selection criteria. The core components I consider are comfort, appropriateness, confidence and convenience. The second step is the identification of wardrobe options, including business suits, casual wear, formal dress, or athletic wear. Subsequently, I assign costs and benefits to every wear I have in mind before settling for the best option.
Core benefits I assign to these clothes include a professional look, authoritative appearance, comfort, style and elegance. On the other hand, the costs I assign to each wear include dressing time, need for ironing, handling and comfort issues. I consider each of these factors for each wear before settling for the one with more benefits and less cost. In a formal setting, I would assign a Likert scale of 10 for both the cost and benefit to help determine the product with the best score.
The rationale behind the selection of the CBA is its quantifiable factors and decision-making. The tool factors in both monetary and non-monetary benefits, which makes it suitable when evaluating the best outfit. Further, the tool will allow decision-making by placing value on each option (Reyes et al.,2023, p.157). The decision maker will observe the final score before making the most suitable decision. In the case of outfit selection, the CBA will allow the final decision on appropriateness, style, and comfort.
References
Henke, I., Cartenì, A., & Di Francesco, L. (2020). A sustainable evaluation process for investments in the transport sector: A combined multi-criteria and cost-benefit analysis for a new highway in Italy. Sustainability, 12(23), 9854. https://doi.org/10.3390/su12239854
Reyes, M., Pérez, G., & Coma, J. (2023). Sustainability Factor for the Cost–Benefit Analysis of Building-Integrated Greenery Systems. Sustainability, 16(1), 157. https://doi.org/10.3390/su16010157
Create a decision tree for the scenario you outlined in Topic 1 DQ 1. Attach the decision tree to your response and include insights into how you crafted it. How would you apply this decision-making experience to larger scale decisions at an organizational level?
Sample Expert Answer and Explanation
The decision tree was constructed using the concept of rain, temperature, and sunny conditions. The decision tree started by asking if it was warm outside. If yes, the question was whether it was sunny outside. The subsequent question was whether I would wear casual or formal clothing if it were warm/sunny/not sunny. On the contrary, the decision tree established if it was cold outside by asking whether it was raining. The next question was whether to wear casual or formal clothing if it were raining/cold/not cold.
Application in Industrial Level
Decision trees are also useful for organizations to identify the critical factors that affect their decision-making processes. The tool assists provide information of areas such as market conditions, customer preferences, and resource availability (Hou et al., 2023, p. 4315; Maceika et al., 2021, p.5502).
Besides, the model helps understand different scenarios by breaking down complex decisions into simpler, manageable parts. Accordingly, organizations could make more informed decisions. Furthermore, the decision tree is useful in assessing risks associated with different choices similar to how I selected multiple outfits depending on different weather conditions or occasions.
References
Hou, R., Ye, X., Zaki, H. B. O., & Omar, N. A. B. (2023). Marketing decision support system based on data mining technology. Applied Sciences, 13(7), 4315. https://doi.org/10.3390/app13074315
Maceika, A., Bugajev, A., Šostak, O. R., & Vilutienė, T. (2021). Decision tree and AHP methods application for projects assessment: A case study. Sustainability, 13(10), 5502. https://doi.org/10.3390/su13105502
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