I recently was asked a detailed purchasing decision question by Point72. The question is as follows: Discuss a substantial purchasing decision that you recently made on a physical product and the process by which you arrived at your choice. Consider the following:
- What conclusion did you come to?
- What differentiated your purchase options?
- What was the criteria used to evaluate these differences and how did you ascribe value to them?
- What were the key questions you needed answered to make an informed decision?
- What was your research process to answer these questions?
- What were the key risks you were weighing?
- Having made this purchase and knowing what you know now, would you make the same decision? Why or why not?
Interested to hear if anyone has a framework for making big ticket purchasing decisions that includes some of these questions. I certainly don't go into this kind of detail unless its larger value items. I mean if its a t-shirt purchase I'm not going to write a full-scale report weighing the benefits vs costs.
Hey Jack_the_Banker, the following topics might be helpful:
More suggestions...
Fingers crossed that one of those helps you.
I think thinking about utility functions is helpful, as well as maslow's heirachy of needs.
Like what are the needs and wants? Which variables are continuous and discretionary. Suppose that I wanted to sign a lease. What are the good to have, nice to have variables, and are they continuous or discrete?
I.e. Maybe my needs are:
20 mins to office
In building laundry(if no in unit)
Physical doorman
Live in super
under xxx budget(given these needs)
And my wants
in unit W/D
Gym
In a "exciting" part of the city
Then I fulfill my needs first(Esp. binary ones), and look for wants. You can weigh each decision individually as well
Does anyone know what to include on the "Notes to the Hiring Manager" section of the Point72 Academy application?
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