Unit 5: Decisions Analysis - Discussion

The Discussion is a great place to learn in an interactive environment, so be sure to participate actively in the weekly Discussion. By doing so, the entire class benefits from the Discussion and learning is significantly enhanced. Select one of the discussion topics and post your response to that topic. You will need to respond substantially to at least two of your classmate’s posts. Please try to make your initial posts no later than Sunday night to give your classmates an opportunity to respond. You should also post throughout the week so that you can respond to any responses your classmates have made to your posts as well as participate in the Discussion. Be sure your post is grammatically correct, has been spell checked, and fully answers the question.

Topic 1

Give an example of a good decision that you made that resulted in a bad outcome. Also give an example of a bad decision that had a good outcome. Why was each decision good or bad?

Topic 2

Give an example of a situation in your life where you can identify an opportunity loss. Explain why this was an opportunity loss and any implications it may have had on future decisions .

Please review the two topics suggested and pick one topic to discuss in your post.

We all make decisions in our lives. Some people prefer to consider all of the possible outcomes, write out a pro-con list, etc. Others are more comfortable with just making a choice and going with it without considering all possible outcomes!

As you consider different decisions that you have made in the past, keep the following description in mind from our text:

What makes the difference between good and bad decisions? A good decision is one that is based on logic, considers all available data and possible alternatives, and applies the quantitative approach we are about to describe. Occasionally, a good decision results in an unexpected or unfavorable outcome. But if it is made properly, it is still a good decision. A bad decision is one that is not based on logic, does not use all available information, does not consider all alternatives, and does not employ appropriate quantitative techniques. If you make a bad decision but are lucky and a favorable outcome occurs, you have still made a bad decision. Although occasionally good decisions yield bad results, in the long run, using decision theory will result in successful outcomes. (page174)

200 words woth reference