Establishing the overall consequences of the options and making the final decision

Rudolf Grünig () and Richard Kühn ()
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Rudolf Grünig: Université de Fribourg LS für Unternehmensführung
Richard Kühn: Universitét Bern Fak. Rechts-/Wirtschaftswissenschaften Inst. Marketing/Unternehmungsführung

Chapter 8 in Successful Decision-making, 2009, pp 115-147 from Springer

Abstract: The last step in the heuristic decision-making procedure represents a double task: establishing the overall consequences of the options and making the final decision. However Figure 8.1 shows that a heuristic loop can occur if the evaluation does not produce an option that satisfies the requirements of the actor, but hope remains that better options can still be found. In this case the procedure proposes working through Steps 3 to 7 once again. If the heuristic has developed only one option and this is compared with the status quo in Step 7, it is highly likely that several run-throughs will take place. It would be a fortunate accident if the first solution corresponded to the actor’s requirements.

Keywords: Cash Flow; Consequence Type; Decision Matrix; Contribution Margin; Weighted Utility (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/978-3-642-00854-2_9

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