CASE STUDY
Uncertainty within the context of making a decision is an event that has effects on the choice to be made but is out of the direct control of the decision-maker. In such uncertainty, the decision-maker has to allocate probabilities in either a joint manner or conditionally performing sufficient analysis of each option to dissolve the uncertainty. As a result, the decision-maker obtains a good basis for the decision-making process. Uncertainty further refers to unknown results of choice. The unknown consequences of choosing a roommate could work for one’s good or detriment, especially in unfamiliar circumstances.
In a new city or neighborhood, there many uncertainties, including security and neighborhood restrictions. In picking option, A as my preferred candidate apartment, I will be certain of a short distance to the university, considerably lower rent prices, good quality of the neighborhood, and public transport access. The apartment size is, however, small, as is the parking lot. The biggest uncertainty is the availability of someone with whom I can share the apartment. It is a new city and neighborhood, and I don’t know someone yet. Having a two bedroomed apartment is conducive to having a roommate. In doing so, the general cost of living goes down slightly. The nearest grocery is about 1.5 miles from the university. While living in apartment A, the grocery store will be a distance. This minimizes the chances of getting a roommate.
Some apartments are near the school, less than a mile away. It is likely from the school population. I would be willing to share the apartment. The second uncertainty would be how to achieve privacy in a small apartment. The major uncertainty being the type of roommate I will get. Some apartments are further away from the university but have access to public transport or a parking lot. That means one can buy a car or use public transport. It is not advisable for one to live in a location with poor quality of the neighborhood. The poor quality neighborhood is indicative of low-security standards and limited amenities. Security is paramount when living and working in a new environment. Amenities are also necessary for a smooth sail. When living in a poor neighborhood, the likelihood of finding a roommate if you need one is very limited.
One apartment is too far away from the university. Twenty miles every day might be a rather long distance for a graduate assistant working their first job and pursuing school. The cost of transport is way too high, and buying a car might not be in the immediate plans. That far away from the workplace place might not also offer the best chance of getting a person to share the room with. The excellent quality of the neighborhood also comes at a great cost.
I would prefer a medium-sized apartment to small or large apartments. It also needs to have a parking lot, albeit small. I would not live in a poor neighborhood or pay a monthly rent of more than $500 a month living alone.
The risk of uncertainty in finding a suitable roommate and the associated risks to share the room with could be mitigated by living alone. A roommate will reduce the cost of living but could also affect the quality of life one lives. The monthly rent should be well within the monthly disposable income. Living in apartment A is a good option, especially when sharing. The risk is finding a suitable friend or colleagues to share the apartment with. The apartment is very close to the university. It also has access to public transport. This is conducive for working late and reporting to work with ease.
I would be willing to pay extra for a larger one bedroomed apartment. Fewer bedrooms are cheaper but tend to have greater quality and better architecture than many bedrooms. A single bedroom is a Good it for a starting career. I would value paying more for an apartment in the best location and an Excellent Quality of neighborhood. I would be willing to pay more for an apartment nearest to the school. Getting to work is cheaper when the distance is shorter. Living nearer to the school also offers the opportunity to either walk, cycle, or take public transport to work. The quality of life and meaningful time utilization is an added benefit over the cost savings of traveling shorter distances. I would be willing to pay more for an apartment with a parking lot. Without a parking lot, I would need to move before buying a car. This limits future planning. Should I need to invite people over, the parking lot is of necessity. I am willing to pay more for an apartment nearer to the shopping center and grocery shop. Using time effectively is very important. Commuting the groceries spends time and money. I would, however, forego a short distance to the groceries to live closer to the university. I will likely make more trips to my place of work and school than to the groceries.
Apartment A is the most convenient alternative. It has the second-lowest price for the monthly rent of all the other apartments on the list. It is a two bedroomed apartment which allows sharing and realizes further cost benefits sharing the apartment reduces both the rent and general cost of expense. Apartment A is among the two apartments closest to the university on the list. At the price range, it is the closest apartment. These two parameters have the most weight.
Further, it has access to public transport that goes both ways to school and the grocery store. The apartment also has a parking lot that would. The parking lot provides me with the option of buying a car as well as taking on a flat mate that has a car. It is also better for inviting guests. The quality of the neighborhood is good. Good quality of neighborhood suggests good security that is mostly safe and conducive for living with modest amenities.
Planning ahead will influence the choice of having a parking lot or not. If I plan to buy a car soon, I need an apartment that has a parking lot. I also need to plan on whether or not to share the apartment and with whom I should share it. Being a new town and having recently landed the job position and funding for school, I want to be cautious with whom I chose as my roommate. I will also evaluate the cost benefits and other advantages of having a roommate against the ability to carry it all alone. I will also determine how the conditions of sharing and the division of responsibility will be stipulated. Expected code of conduct and expected cost responsibility. If the other mate will already has a car, the size of the parking lot should be enough, and I would reap benefits. If the roommate is hiring the car I buy will help pay for the car quicker.
References
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Hammond, J. S., Keeney, R. L., & Raiffa, H. (1998). Even swaps: A rational method for making trade-offs. Harvard business review, 76, 137-150.