EFFICIENT DECISION MAKING Many aspects of the decision making process exist. Understanding a decision sheds light on

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EFFICIENT DECISION MAKING

Many aspects of the decision making process exist. Understanding a decision sheds light on how and why an individual makes a particular choice. The decision making process involves several steps.

1) The decision process begins with a list of choices. Examine these choices and try to determine how you will use your limited resources.

2) Each person has different preferences, what you think is important will determine how you weigh the costs and benefits involved in making a decision.

3) You want to try to maximize your satisfaction, or happiness, when selecting a choice.

4) The outcome of this decision can then determine future actions, because it helps to shape incentives.

Your Turn!

Complete each step for credit, write complete and thoughtful answers,minimum four paragraphs .

For this project, consider what you desire to accomplish after high school. What career or area of study interests you? Do you want to relocate? Visualize what your life will look like in the next five years.

(my goal is to be an registered nurse in minneapolis Minnesota i do not plan on relocating)

1) Write down a goal you have identified concerning your future. For example: "In the next five years I plan to graduate with a degree in computer programming" or "In the next five years I plan on completing an electricians vocational program and starting my own business".

2)List at least two other optionsyou were considering when you made your decision.

3) Research and let me know what steps you must take to achieve these goals. Consider the following when researching:

What will be the monetary cost to achieve your goal?
What will be the opportunity cost, or what will you be giving up in pursuing this goal? (Not just your other options but in your life(time, friends, work, experiences, residence, etc))

When researching, make your sources are reputable. Sources must be credible and current(from the last 3 years). List at least three reputable sources. Write down, in detail, the costs of attaining your goal.

4) Now, list the benefits of choosing each goal. What will you gain from your investment of time, money, and everything else you will spend to reach your goal? Include professional and personal benefits.

5) Describe if the benefits outweighed the costs. Which rewards were most important in encouraging you while considering each goal? Which of your choices has the greatest cost?(money and personally)

6) Finally, using your sources, explain which goal is best and why you believe that choosing this goal outweighs the other options you considered.

When you have finished these steps, submit them below. Be sure to check your spelling, grammar, and sentence structure.You will also need to cite your sources. Your work should be at least sixx hundred words.

part 2

Think about how many goods and services are distributed every day.There are many ways that these items end up in the hands of various consumers throughout the country.Sometimes, these methods areexplicitthey are clearly expressed or observed.But at other times, items are just distributed without people really thinking about how this happens.For this project, you will be asked to be aware of the ways that goods and service are distributed in your world.

OBJECTIVES

. Explain three non-market distribution methods.
. Explore a distribution method within a real-life setting.

VOCABULARY

	efficient	using resources in a way that gets the most out of them (i.e. not wasting them)
	explicit	clearly expressed or observed
	fair	free from bias
	non-market distribution	allocation method not based on price

Materials:

For this project, you will need:

computer and/or paper and pencil

Project

You have studied many different kinds ofnon-market distributionmethods, including majority rule, contests, force, first-come/first-served, sharing equally, lottery, and personal characteristics.In this project, you will explore three of these types of non-market distribution methods.

Step 1)	Choose three of the distribution methods listed above.There are seven kinds of methods listed, but you only have to choose three.

Step 2)	Write one paragraph, of at least couple paragraphs words for each method you have chosen, explain each distribution method that you have chosen.In your response, be sure to answer the following questions: Who receives the good or service from this distribution method? Who does not receive the good or service? What are the advantages of this method? What are the disadvantages of this method? Is this methodefficient(or not wasting resources)?Is itfair(or free from bias)? Can your chosen method be used to distribute large amounts of goods and services to many people each day?Why or why not? Find an example in the real world, such as in school, at the mall, or at home.
Step 3)	Compare your 3 distribution methods. Which method is better most of the time? Could we use this "better" method as our only method of distribution? Why or why not? List a time when each method would best superior to the other methods you chose.