The other day, I stopped by a supermarket to buy some snacks and other items. The supermarket has two branches; one close to where I was at the time and a bigger branch a bit far off. I considered some criteria before making a decision. These included convenience; the smaller branch was a few feet from where I stood. I also thought of the potential availability of the brand of items I was looking for; this smaller branch might just not have exactly what I was looking for. I also thought of my budget; a smaller branch might mean limited options and would offer me a better chance of sticking within my budget. Eventually, I went with the choice that looked more advisable after reviewing my options.
What I just described is a mundane example of criteria-based decision-making, but it perfectly captures how critical criteria analysis can be to decision-makers. You may wonder why I am suddenly fascinated by criteria analysis; well, I owe this to the Analytics of Business Problems course at the Lagos Business School.
The Analysis of Business Problems course has been tough as nails, but it has also been instrumental in unravelling the layers of effective decision-making, and criteria analysis easily stands out as an integral part of this process.
Understanding criteria analysis involves evaluating options based on specific criteria or factors relevant to the decision at hand. It is not merely a checkbox exercise but a strategic approach to weighing the importance of each criterion and its implications on the overall decision. Carrying out criteria analysis on the different cases we have had to navigate has been an eye-opening experience. It has also been beneficial, as it has given me a structured framework to dissect complex problems and arrive at well-informed decisions. Perhaps this is what inspired my decision-making process in my supermarket example. I suspect, however, that as humans, we carry out criteria analysis one way or another; we just may not know it.
As I navigate through the challenges posed by the MBA curriculum, the principles of criteria analysis have proven invaluable. Whether dissecting case studies or participating in group discussions, the ability to identify and assess relevant criteria has become a cornerstone of my decision-making process.
I have learned that the quality of decisions directly impacts outcomes, whether it is charting the course for a company’s future or making day-to-day operational choices. In our recent analysis of the Micoderm case, the application of criteria analysis was particularly illuminating. The problem was multifaceted, and we leveraged the criteria analysis approach to break down the case and simplify the decision-making process. Each criterion became a lens through which we scrutinized potential solutions, ensuring that our recommendation was comprehensive and strategic.
Going back to my supermarket example, I find that becoming more familiar with criteria analysis has instilled a discipline in my approach, steering me away from impulsive decisions and encouraging a more thoughtful evaluation of alternatives. Usually, in a situation like that, I would have acted without thinking, but thanks to ABP classes, I took a step back and carefully evaluated the situation.
What I find particularly exciting is that there is often no right or wrong answer to any problem; it is rarely ever black and white. However, there is a right or wrong process, and that is based on how carefully you identify your criteria and evaluate your alternatives against them. This careful process ends not just with a decision but also a well-considered, strategic choice that aligns with overarching business goals.
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