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Real Estate Division

CPD 111 - Real Estate Consulting: Decision Analysis

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: Decision Framing: Finding the Most Effective Question for Your Client

  • Instructor's Comments
  • Introduction
  • 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 2: Making Decisions Involving Uncertainty

  • Instructor's Comments
  • Introduction
  • Different Levels of Uncertainty
  • Acknowledging Uncertainty
  • Scenario Planning
  • Persistent Versus One-time Uncertain Events
  • Influence Diagrams
  • Analyzing Decisions Using Decision Trees
  • Summary
  • Review and Discussion Questions

Lesson 3: Choosing the Right Decision-Making Technique

  • Instructor's Comments
  • Introduction to Decision-Making Techniques
  • Hierarchy of Decision-Making Approaches
  • Level 1: Intuitive choice (Seat-of-the-pants judgment)
  • Level 2: Heuristic procedures (Rules of thumb)
  • Level 3: Importance weighting
  • Level 4: Value analysis (Objectives analysis)
  • Summary
  • Review and Discussion Questions

Afterword

  • The Final Examination

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