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Decision Making

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by

Taylor Downey

on 19 November 2013

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Transcript of Decision Making

Decision Making
Decision
A decision is a conclusion or judgement about an issue or matter
Decision making is the process of making a choice between two or more alternatives
Several strategies that depend on
the decision involved
the characteristics of the decision task
the decision making style of the decider
Reference Groups
Reference groups are people who influence an individual or provide guidance or advice
Two groups
Primary - people you have regular contact with
Secondary - people you infrequently have contact with
Image by goodtextures: http://fav.me/d2he3r8
Decision Making
Decision making is essential to maintaining and improving conditions
Values guide decisions
Decisions vary in intensity and importance
Desire to maximize positive outcomes and minimize mistakes
Decisions present problems and opportunities
Decision making is highly personalized
Each person decision making tends to follow their own individual pattern
Decision Making
Style is affected by individuals values, knowledge, ability, and motivation
Types of decisions made, the speed at which decisions are made, and the amount of information gathered before making a decision are all part of a person's style
Steps in Decision Making
DECIDE Method
Define the decision
Estimate the resources
Consider alternatives
Imagine (visualize) the consequences of alternative courses of action
Develop an action plan and implement it
Evaluate the decision
Decision Making Models
All examples are drawn on the board
Central Satellite Model - suitable for larger, more complicated situations
buying a car
Chain Model - appropriate for smaller, systematic decisions
making a meal
Values based
Personal Decision Making
Individual is held responsible for own decisions
Decision making begins at early age
Actual quality of decisions refers to what is truly happening
Perceived quality of decisions refers to what an individual thinks is happening in the decision making process
What effects Decision Making
Socialization
Knowledge
Ability
Motivation
Personality
Self-Esteem
Indecisiveness
Stress
Ill health, depression
Fear of the unknown
Procrastination
Fear of making the wrong decision or mistake
Fear of doing something alone
Lack of "good judgement"
Feeling overwhelmed
Depending of other's opinions
Buying a Vehicle
There are 5 steps to purchasing a car
Choose the right car
Decide if you want to trade in another vehicle
Select the best way to finance the car
Negotiate the price
Stay firm after the deal
1. Choose the Right Car
Consider the following
Gas Mileage
Size
Style or type
New or Used
Insurance costs
Property taxes
Resale value
2. Research and Trading in
Since you all probably do not have a car to trade in this is not really an option
When researching use car.com to find the invoice or dealers cost
Inform yourself on this information before negotiating a price
3. Finance a Car
You can either get it from the dealer or a traditional lending source such as a bank
Don't extend a loan because you pay more in the end
Leasing is when you pay to use a car but in the end do not keep it. It is budget friendly but get nothing in the end
Buying is more expensive but the car is yours to keep. You make monthly payments.
4. Negotiate the Price
and 5. Stay firm!
Try to negotiate over the phone or online because you will have more control than if you do it in person at the dealership
When signing the sales manager will try to give you add-ons but they are unnecessary. Be patient and politely say no.
Ways to Negotiate
List the desires specifications
Call dealership and speak to a manager
Give specific time in which you want to buy the vehicle
State you are calling several deals
List the specification
Give the manager some time
Take notes when managers call back
Compare offers and test drive
If you like one, buy it!
Full transcript