The state diagram of a magnetic tunnel junction with perpendicularly magnetized electrodes in the presence of spin-transfer torques is computed in a macrospin approximation using a power dissipation model. Starting from the macrospin's energy we determine the stability of energy extremum in terms of power received and dissipated, allowing the consideration of non-conservative torques associated with spin transfer and damping. The results are shown to be in agreement with those obtained by direct integration of the Landau-Lifshitz-Gilbert-Slonczewski equation. However, the power dissipation model approach is faster and shows the reason certain magnetic states are stable, such as states that are energy maxima but are stabilized by spin transfer torque. Breaking the axial system, such as by a tilted applied field or tilted anisotropy, is shown to dramatically affect the state diagrams. Finally, the influence of a higher order uniaxial anisotropy that can stabilize a canted magnetization state is considered and the results are compared to experimental data.