Certificate in Business Decision Models

The Principles of decision making

• The standard decision-making model

• The decision-making spectrum

• Townsend’s rules

• The RAPID model

  • Recommend

  • Agree

  • Perform

  • Input

  • Decide

Using data for better and informed decisions

• Lewin’s force field analysis of support and opposition

  • Supporting forces

  • Restricting forces

• Scenario analysis and charting possible futures

  • Risk factor

  • Cost factor

• Mapping stakeholders’ reactions

• Level of stakeholder power

• Level of stakeholder interest

• Dealing with the politics of decisions

Risk-based decision making

• Risk impact/probability chart

  • The two primary dimensions

    • Probability

    • Impact

  • Creating the chart using excel

  • Decision tree analysis

    • Decision points

    • Chance points

    • Application exercise

Financial literacy for decision makers

• Cost-benefit analysis

  • Brainstorming costs and benefits

  • Assigning a monetary value to the costs

  • Assigning a monetary value to the benefits

  • Comparing costs and benefits

• Approaches to budgeting

  • Incremental budgeting

  • Zero-based budgeting

Implementing your decisions successfully

• Round’s Trap model

  • Task

  • Resources

  • Arithmetic

  • Priorities

• Shewhart’s PDCA model

  • Plan

  • Do

  • Check

  • Act

• Lessons learned