DECISION-MAKING AND CHOICE
After you are born, everything else is a choice!
What is choice modelling? It is the development of a system or process to predict the act of choosing between two or more possibilities. Choice modelling builds a picture of how alternatives are valued and the trade-offs people are prepared to consider when choosing between them.
The UniSA Business School Institute for Choice (I4C) works with partners in government and private industry, applying economic models to better understand how citizens, customers and other stakeholders make choices and how this feeds back into institutional planning and decision-making.
I4C brings together some of the world’s leading research experts in choice modelling. It continues to break new ground by combining the perspectives and expertise of many disciplines to provide research-based practical solutions to relevant and complex problems in transport, infrastructure, health and services.
Ten years ago, the average data storage cost was $1.24; now it’s just under $0.03. Data has never been easier or cheaper to collect and store…but does that mean businesses are making better decisions because of it?
The rise of myriad novel technologies and consumer targeting options has left many Chief Marketing Officers managing a constant state of flux. With the need to intimately understand technology systems and analytics tools, it's not surprising that many CMOs feel underprepared to deal with the data explosion.
Understanding customer choice is critical for business growth. The innovative 3-circles model provides a comprehensive understanding of your customers’ choices to help create and execute sustainable growth strategies.
Buy or rent? Life support – on or off? Property or shares? Genetically modified beans or regular? These are all choices with a simple ‘yes’ or ‘no’ answer, but the gravity and consequences of each can be monumental.