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Decision modelling is a framework or algorithm for supporting decision making or in some cases, automating it. Models are typically constructed by looking at historical data and determining a set of conditions that would have achieved optimized or partially optimized decisions. These models are then deployed to handle future decisions. |
Function | | Definition | A framework or algorithm for supporting decision making or in some cases, automating it. | Alternate Spelling | Decision Modeling | Value | Modeling decisions using logic or patterns to improve decision making. | Example | A common example are models that seek to trade stocks or other financial instruments for profit. Such models might work very well if only one company deployed them, however in reality a large number of companies deploy similar models that tend to change the dynamics of trading in a particular market. The result is an expensive race to develop more sophisticated models. | Related Techniques | |
Decision Making
This is the complete list of articles we have written about decision making.
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A list of decision making techniques.
The observation that groups may make collective decisions that are viewed as wrong or irrational by each individual member of the group.
A complete guide to the decision making process.
The difference between rational thought and logic.
The common types of uncertainty in decision making and strategy.
A definition of information costs with examples.
A definition of reverse brainstorming with examples.
The definition of decision fatigue with examples.
Taking a position that you do not necessarily agree with for the purposes of argument.
The definition of paradox of choice with examples.
An overview of problem solving with examples.
A list of thinking approaches and types.
A definition of workaround with examples.
A list of common creative thinking techniques.
A list of common types of problems.
The definition of analysis paralysis with examples.
The definition of the arrow of time with examples.
An overview of common business problems.
The definition of decision framing with examples.
The common types of research.
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