Question: Write your thoughts on this discussion A decision model is a computer based system that assists in predicting decisions. They can also give the outcome
Write your thoughts on this discussion
A decision model is a computer based system that assists in predicting decisions. They can also give the outcome of what may happen when certain actions are taken. Decision models show elements of the decision as well as the probable results in a clear way to gain understanding and find solutions. This process can be used in a large variety of businesses and on many subjects. Decision models give decision makers the ability to analyze information required to make critical decisions needed in operating a company or organization. I think this process is essential to business because thoughtful leadership requires a dependable process of making informed decisions by considering all relevant information. Using a model gives an organized format of laying out information. There are generally three types of input used in decision models, data, uncontrollable variables and decision variables. Data is facts or statistical information gathered for analyzing or references, in the decision model it is viewed as constant. Uncontrollable variables are risks that have an impact on business or productivity but are not within the companies power to change. Issues such as political, legal or economic are examples of uncontrollable variables. Decision variables are quantities that are controlled by the decision maker. This is normally measure quantities of resources needed or products to be made. Decision variable changes can alter the solution achieved by the model. As a whole this information is used to compile a decision model, I think having a set process makes it easier to make educated decisions and maintain transparency.
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