Decision Making Process Paper Week One

finding Making Process Paper Week One MGT 230 Decision do is part of a persons constantlyy day periodical routine. We all wake up and pass water to decide what we are firing to wear for the day. Some of us may even decide non to get ready at all. The magnitude of peoples decisions is dependent on umteen factors. It is important to thoroughly analyze a situation before fashioning decisions. My family and I had lived in Newport News, Virginia for about three years. My wife and I had rented our home bases ever since we got married.In 2009, I finally received military orders to be stati whizzd back home in beautiful Coronado, California in San Diego County. We had a common obstacle, where in San Diego did we in unnecessaryness to live and did we really extremity to rent? Theres no question that buying a stand makes sense for nigh folks, unless mainly for non-financial reasons. Owning a home gives you stability (youre not at the mercy of a landlord) and freedom (you can do what you want with the place). But financially, its not always the better bet. (Roth insert & comma and Snell 2012) We had to foreshadow out if owning was for us.First we went through all of our finances and readyd how much dispensable income we had. Fortunately, we didnt take on much debt which gave us a pretty erect positive margin between our income and our debts. We then determined how much we would presumable spend on variable expenses such as gasoline, entertainment, utilities, etc. in one case we determined how much we could afford to pay for rent or a mortgage, we immediately wrote a list of all the cities we wanted to live in San Diego according to school districts and safety for our children.Next we did rental searches and price searches for home in the cities we wanted to live in to get an idea of how much we would be paying for rent or a mortgage and if it was within our permissible spending limit. The third stage of decision devising involves determining the j udge or adequacy of the alternatives that were generated. In other words, which solution will be the best? (Bateman, insert & before comma Snell 2011) From this point, we had to determine which solution would work best for us.This narrowed down our search to two cities, and we realized that renting a home would cost just 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 new house. During the time of our house search, there was a tax stimulant that we wanted to take value of for first time home buyers, but there was only a couple of months left in the chopine and I only had two weeks to look at houses and have an real offer.Also, if we didnt choose a house before I left, we would have lost our opportunity to take advantage of the tax credit that was on tap(predicate) to first time home buyers. We felt very rushed, looked at a handful of houses and quickly put an offer in for the best one w e saw due to time restraints. I flew back to Virginia from leave and shew out our offer was accepted. We closed escrow in a month and my family move into our new house. It was an exciting time in our lives. Chapter threes managerial Decision Making identically resembles our decision making process when we resolved to buy our first home with the exception of a couple steps.We didnt quite discover a problem as stated for a first step in the decision making process, but we did determine that buying a home would be a better boilers suit decision for us. The books second and third steps were similar to ours because we did generate another solution which was to rent, and we did evaluate each solution carefully by considering our finances and our desired living locations. In correlation to the books quarter step, we mistakenly ended up satisficing insert & 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 purchase a house. The next time around, I would want to implement the step of making a choice a lot better. Instead of satisficing check spelling I would want to maximize our choice by taking our time and finding a handful of houses that suit our needs before deciding on get 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 daily lives and even sec decisions can change our future drastically. It is very important to carefully assess and make decisions. References Bateman, T. , Snell, S. (2011). Management Leading & Collaborating in a Competitive realism (9th Ed. ). (pp. 91-92). New York, NY McGraw-Hill Irwin. Roth, J. (2012, December 03). Is it better to rent or to buy? sentence Business & Money. Retrieved March 30, 2013, from http//bus iness. time. com/2012/12/03/is-it-better-to-rent-or-to-buy/