'Decision Making Process Paper Week One\r'

' purpose Making fulfil Paper Week One MGT 230 Decision devising is part of a soulfulness’s every day fooling routine. We alone wake up and defend to decide what we atomic number 18 going to sham for the day. Some of us may even out decide not to get immediate at each. The magnitude of peoples’ conclusions is dependent on legion(predicate) factors. It is important to thoroughly dismember a situation in advance do endings. My family and I had go badd in Newport News, Virginia for about terce years. My wife and I had rented our base of operationss ever since we got married.In 2009, I finally received military orders to be stationed hold place in charming Coronado, California in San Diego County. We had a ballpark obstacle, where in San Diego did we want to live and did we rightfully want to rent? â€Å"There’s no question that secureing a theatre of operations makes sense for some folks, yet mainly for non-financial reasons. Owning a h ome gives you perceptual constancy (you’re not at the grace of a landlord) and freedom (you can do what you want with the place). But financially, it’s not always the best bet. ” (Roth [insert & angstrom; â€Å" comma” and â€Å"Snell”] 2012) We had to figure out if owning was for us.First we went through all of our finances and situated how more dispensable income we had. Fortunately, we didn’t have much debt which gave us a pretty large incontrovertible margin between our income and our debts. We then putd how much we would likely spend on variable expenses such as gasoline, entertainment, utilities, and so forth Once we determined how much we could cave in to pay for rent or a mortgage, we immediately wrote a list of all the cities we wanted to live in San Diego check to school districts and safety for our children.Next we did rental searches and footing searches for home in the cities we wanted to live in to get an idea of how mu ch we would be paying for rent or a mortgage and if it was within our deductible spending limit. â€Å"The tertiary stage of decision do involves determining the value or adequacy of the alternatives that were generated. In other words, which source lead be the best? ” (Bateman, [insert â€Å"& amp;” before comma”] Snell 2011) From this point, we had to determine which tooth root would work best for us.This narrowed polish up our search to two cities, and we realized that letting a home would cost precisely as much as owning a house that we would be happy with. We contacted a realtor that was recommended by my parents and began our search for a brisk house. During the beat of our house search, there was a tax stimulus that we wanted to pee-pee advantage of for first metre home buyers, but there was only a couple of calendar months left in the broadcast and I only had two weeks to touch sensation at houses and have an accepted unfold.Also, if we didn ’t choose a house before I left, we would have lost our prospect to take advantage of the tax accredit that was available to first judgment of conviction home buyers. We felt very rushed, looked at a handful of houses and quickly put an passing play in for the best one we truism due to time restraints. I flew back to Virginia from leave and found out our offer was accepted. We closed escrow in a month and my family moved into our new house. It was an exciting time in our lives. Chapter three’s managerial Decision Making similarly resembles our decision making process when we decided to buy our first home with the exception of a couple steps.We didn’t quite attend a problem as state for a first step in the decision making process, but we did determine that purchasing a home would be a get out overall decision for us. The book’s second and third steps were similar to ours because we did generate other upshot which was to rent, and we did evaluate each solution guardedly by considering our finances and our want living locations. In correlation to the books quartern step, we mistakenly ended up satisficing [insert â€Å"&” before comma”] and chose the first house that met our needs and achieved our goal.We implemented our decision by putting an offer in and buying the house. After the entire process, we have many regrets and have determined what we will do next time we barter for a house. The next time around, I would want to implement the step of â€Å"making a choice” a roach better. Instead of satisficing [check spelling] I would want to maximise our choice by taking our time and finding a handful of houses that admit our needs before deciding on purchasing again. Especially in this time where foreclosures and short sales are a dime a dozen, there are many properties to take advantage from.Decision making is very important in our day-by-day lives and even minute decisions can mixture our fut ure drastically. It is very important to carefully assess and make decisions. References Bateman, T. , Snell, S. (2011). Management: track & Collaborating in a competitive World (9th Ed. ). (pp. 91-92). New York, NY: McGraw-Hill Irwin. Roth, J. (2012, December 03). Is it better to rent or to buy? period Business & Money. Retrieved March 30, 2013, from http://business. time. com/2012/12/03/is-it-better-to-rent-or-to-buy/\r\n'