How do you make your decisions? Do you share your thoughts? Do you have a strong network of relationships you run your dilemmas through? Are you able to do full analysis of problems prior to taking decisions? How well do you seek to be informed prior to taking a decision? Decision making can be quite a challenge especially when emotions are involved. There are however key fundamentals to consider prior to making a decision.
First, is the need to understand the context and obtain sufficient information to help your analysis and make an informed decision. Often, individuals tend to keep problems they consider sensitive and major to themselves. This is not a good practice. On the contrary, such sensitive problems require all the support and knowledge you can acquire to ensure you take a right decision. It is therefore important to have trusted relationships who are experienced in problems solving with which you can rub minds, share ideas, get information such as to help you make good quality decisions especially as relates to business problems.
Once a clear understanding of the context have been achieved and adequate information as pertains to the problem at hand have been garnered, it becomes critical to identify the crux of the problem. This is tricky, as often the symptoms are more visible than the problem itself. Treating the symptoms however, never solves the problem and while temporary relief may be achieved, it is only a matter of time before the problem manifests again. Upon identification of the problem, the objective then needs to be set. Typically, the objective is the inverse of the problem.
Post setting the objective, an analysis of the problem can then begin. In analysing the problem, it is important to generate alternatives. Alternatives are typically generated based on available data. A set of criteria needs to be generated against which each alternative shall be evaluated. This ensures each alternative’s merits and demerits are adequately considered. This can be done qualitatively, quantitatively or using both methods, depending on available information. Each of the evaluating criteria can be weighted. This means applying values to determine the degree of importance or relevance of each criterion. The consequence of each alternative should also be assessed. This ensures that all alternatives have been appropriately considered, weighing the risks. The value trade-offs are then decided. This could be in terms of schedule, cost, quality, reputation, etc. Itemizing the trade-offs helps ensure decisions eventually made, are taken from an informed position. Often decisions are laden with biases and we tend logically justify our decision; this approach can be referred to as directional reasoning or reasoning driven by accuracy.
It is important to watch out for biases when taking decisions as this tends to many times skew outcomes of analysis. Biases come in various forms and it is good to identify them when they are impacting decision making. At times, decisions cannot be completely rid of biases, but what is important recognising the influencing bias, and being clear that decision is made irrespective
Finally, a decision is made and an action plan is generated. The action plan should focus on steps to take to meet the desired objectives
