Pre-requisite: Recommend CPD 110.
These three lessons build on CPD 110's exploration of the foundations of real estate consulting. Students will learn how decision analysis can be applied to help their clients and employers make better-informed real estate decisions. The theory and application of decision analysis are explored through the framework of market studies, customized to client objectives through case studies. Through these exercises and case studies, students will acquire a working knowledge of decision analysis methodologies and the ability to determine their appropriate use and limitations.
Course Outline
Lesson 1 - Risk Analysis and Learning from Experience
After completing this lesson, students should be able to:
- Identify risk and describe how it can be managed in real estate decision analysis and forecasting
- Develop risk action plans
- Describe risks and recommendations in terms of the client’s risk profile
- Explain the necessity of learning from experience, in terms of how auditing decision and risk management processes can help you convert experience into learning
Lesson 2 - Decision-Framing: Finding the Most Effective Question for Your Client
After completing this lesson, the student should be able to:
- Discuss the limitations of traditional framing perspectives
- Explain the need for a systematic decision-making process due to cognitive limitations
- Apply a sound process for framing decisions
- Describe how decision-framing can incorporate complexities of various types
- Structure decision problems
- Incorporate clients’ needs in framing decisions
Lesson 3 - Making Decisions Involving Uncertainty and Choosing the Right Decision-Making Technique
After completing this lesson, students should be able to:
- Identify the key uncertainties that affect the outcomes of a decision under consideration
- Categorize the different levels of uncertainty that affect future outcomes
- Develop a working knowledge of decision analysis tools, with a focus on decision trees and influence diagrams
- Explain the difference between uncertainties that occur rarely (e.g., one-time events or surprises) and those that occur routinely (i.e., persistent events) for which data on past outcomes is available
- Describe the strengths and weaknesses of four different approaches to decision-making
- Select among four approaches the best decision-making technique for the task at hand
- Apply decision analysis concepts to decisions involving multiple objectives
If you have administrative questions, please email us at info@realestate.sauder.ubc.ca. If you have a comment on this page or a suggestion for additional website features, please email us at webfeedback@realestate.sauder.ubc.ca.