All entries for Sunday 03 March 2013

March 03, 2013

Alternatives

The methods of Decision trees and the cost benefit analysis are great methods in helping my team and I decide which location to choose, Exmouth or lymington.

Without analysing the locations and the various costs and benefits in both it would not be a robust decision. Robust decisions as far as I have observed up till now consist of strategy, psychology and practicality. The project we are currently working on gives us a mere glimpse in to what would be expected of us in real life.

Making decisions with such a huge amount of money riding on it cannot be made with the mere flip on a coin and his module is teaching us exactly that. The road to practicality is through observing the case and using all the knowledge available to look at alternatives etc and then make a clear decision.


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