I have always admired managers and leaders who make very good decisions when they are faced with problems. The made problem solving and decision making look so easy. Some years back, I worked under a CTO in my department who was almost flawless in making good decisions. I have always thought that this trait is a unique skill for some persons and cannot be learnt.
Analysis of business problems gave me a different view and understanding of what goes into making good decisions. Going back to when I was working with my boss, I could remember how he ask a lot of questions, how he always writes on this whiteboard, and the time he spends with other senior colleagues analyzing their opinions in the discussion. It could be exacerbating sometimes I must say, but I knew a lot of work was put into making a laudable decision.
To make a good business decision, a good knowledge or background of the problem is very vital.
Firstly, you have to understand the context of the problem. A little research, discussion and querying of the status quo will help in getting a full glimpse of the issue
Next is to define a clear objective, the objective should be concise and clear, most time we spend our time dealing with the symptoms of the problem and this inspires our knowledge of the objective. If the object is not clear, there will not be a meaningful solution to the problem at hand
Furthermore, you highlight alternatives. The alternatives are the art e different ways of achieving the objective. If there are no alternatives, then there is no need for deliberation or basis of analysis.
After establishing the alternatives, the next step is to list the criteria. The criteria are the facts, the assumptions, and the inferences to support or dissuade any of the alternatives. These are the considerations in deciding the best alternative to the solution of the problem.