Decision Making Models: Definition, Development & Types

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

When you have to change your business plan because you lack the funds to move forward, what are you facing?

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1. If your project team needed to know how long it would take to deliver the project, what tool would be appropriate to do that analysis and make that decision?

2. What kind of decision-making tool is most often used in a business situation?

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About This Quiz & Worksheet

This quiz and worksheet offer the opportunity to test what you know about the different models of decision making and the best uses of each. You'll review the names and the steps in different models.

Quiz & Worksheet Goals

The purpose of this quiz and worksheet is to test what you know about:

  • What you are facing when you change a plan because you lack the funds to move forward
  • The tool that could be used to determine how long it will take to deliver a project
  • The most used decision-making tool
  • Understanding how different models look on paper

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about what it is called when you lack the funds to move forward with plans
  • Information recall - access your knowledge of what the most used decision-making tool is
  • Interpreting information - verify that you read about the elements needed to ensure a sound process and interpret it correctly

Additional Learning

For a deeper review of this topic, you can refer to the lesson, Decision Making Models: Definition, Development & Types. This lesson offers more information about:

  • What a constraint is
  • The type of model based heavily on analysis
  • The model that uses a decision tree built on decisions, uncertainties and payoffs
  • Which model is used for for understanding the project pipeline
  • The tool based on intuitive feelings and pattern recognition
Final Exam
Business 116: Quantitative Analysis
This course currently has no final exam ready
Chapter Exam
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