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
Foreword: Introduction to Professional Development Courses
Lesson 1: Risk Analysis and Learning from Experience
- Learning Objectives
- Instructor’s Comments
- Risk Management in Real Estate Decision Making
- Identifying and Accounting for Clients’ Risk Tolerance
- Risk Management Process
- Learning from Experience
- How to Learn from Experience in Decision Analysis
- Summary
- Review and Discussion Questions
Lesson 2: Decision-Framing: Finding the Most Effective Question for Your Client
- Learning Objectives
- Instructor’s Comments
- Introduction to Decision Framing
- Applications of Decision Framing
- Complexity in Real Estate Decisions
- Decision Framing and Cognitive Bias
- Decision Framing and Focus
- Good Decision Framing
- Decision Framing in a Client-Consultant Scenario
- The Next Stage: Intelligence Gathering
- Summary
- Review and Discussion Questions
Lesson 3: Making Decisions Involving Uncertainty and Choosing the Right Decision Making Technique
- Learning Objectives
- Instructor’s Comments
- Introduction
- Different Levels of Uncertainty
- Acknowledging Uncertainty
- Scenario Planning
- Persistent Versus One-time Uncertain Events
- Analyzing Decisions Using Decision Trees
- Summary
- Review and Discussion Questions
Afterword
- The Final Examination
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