Your task is to analyze a decision that is confronting either one of the members of your group or somebody with whom members of the group have close contact. The decision should be • Real: It should b

Your task is to analyze a decision that is confronting either one of the members of your group or somebody with whom members of the group have close contact. The decision should be • Real: It should be a situation where the decision maker must make a commitment to action • Current: Not historical or long-term, something that will happen in the near future • Personal or Professional.

Examples of such problems include: 

• Choosing a consumer durable such as a car, computer, or house 

• Ranking a set of technical proposals for the design of a product 

• Choosing among a set of alternative personal investments 

• Choosing among a set of capital investment projects 

• Deciding whether or not to undergo elective surgery.

Project structure 

Below is the structure of the team project. For each, I have provided sample questions to initiate your thinking. However, I want you to use your critical thinking and ask further questions to complete the project.

 Part 1: Decision matrix 1:

1. Problem definition

          a. Who is the decision maker? 

            b. What are the fundamental objectives? 

             c. What are some issues to keep in mind as you “frame” the decision? 

 2. Decision criteria 

         a. Identify at least 5 criteria 

3. Alternatives 

          a. Identify at least 5 alternatives 

    4. Assign weights, calculate scores and choose the alternative with the highest score

Part 2: Application of decision biases

     5. Decision biases 

              a. Use the concepts from this course to identify probable biases or shortcomings that could influence this decision

Part 3: How to improve your decisions

6. Improving decisions 

     a. Chapter 12 talks about different ways in which one can improve the decision making process

       b. Explain how your approach to structuring and analyzing the decision will overcome each of the potential biases and improve the quality of the decision using the concepts from Chapter 12 i. Be as specific and practical as possible

• Word limit: o Group of 3: 6000 words o Group of 4 or 5: 8000 words 

• This assignment should have three parts o Part 1: Decision matrix o Part 2: Decision Biases o Part 3: Improving decisions • Minimum of 20 references (the more, the better) • Same rules as the assignments: APA style and many more