Board Of Regents At Rice University: Decision Analysis

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When we consider the fact that our day is full of choices, full of decisions we make from the moment we wake till the time we end our day, not everyone is required of a decision analysis approach. We don’t need sophisticated software to tell us what type of coffee to buy either Starbucks or Dunkin Donuts. Nor do as far as what we will eat for lunch or dinner. In the business world though, Executives and Senior Managers use Decision Analysis tools to aide in the decision process when the matter is complex, highly complicated as it allows us the ability to break the problem into smaller, more manageable pieces that are more easily understood and can be analyzed individually (Clemen & Reilly, 2014, p. 3). These types of decisions being made …show more content…

The program was at the time in a fiscal deficit of approximately $4 million dollars and growing (Clemen & Reilly, 2014, p. 1). The board was deciding what to do with the program but had to take into consideration several major factors which could have varying outcomes. Decision tools could play an extensive role within a situation such as this to allow for decisions to be made with possible outcomes and financial ramifications identified. External factors would once again need to be considered such as the schools source of pride as a Division I school, future alumni contributions, and ramifications if the decision to lower to Division III was accepted (Clemen & Reilly, 2014, p. 2). These complex problems may sometimes on the surface seems simple, move to a lower league, reduce the deficit incurred by the program each year but they are not always that …show more content…

By not taking the time to understand additional decision making strategies, processes and ideas that are present within the business world, decision makers could be relying on simple analytic tools they already know but could be setting up potential multi million or billion dollar projects for