The Decision making Process – Decoded!
“You can’t make decisions based on fear and the possibility of what might happen.”
― Michelle Obama
According to the Oxford’s Dictionary, the term decision-making means deciding about something important, especially in a group of people or organizations or establishment, or in my opinion, even life. Decision-making isn’t sudden. It requires a process, a course of action to find the solution to a given problem.
As a leader, decision making is vital skill to hone, and making calculated decisions are an essential function of our professional journeys. But it applies to our life as a whole and to us as evolving humans to make informed decisions and intentional choices. I have outlined below a process you can incorporate, to start making sound decisions through your professional career, but you can take the exact same process and practice it in life in general.
Every decision-making process seeks a target. The goals are pre-set corporate objectives, the company’s mission, and its vision. To accomplish these purposes, businesses can face various obstacles in organizational ,marketing, and operational fields. An efficient decision-making mechanism resolves these topics. Here are 5 effective ways you can arrive at a calculated decision.
Formulate a focused question.
In your organizational or business data analysis, you must begin by ASKING the right question(s). Questions should be calculable, clear and concise. Design your questions to either qualify or disqualify potential solutions to your specific problem or opportunity.
Search for the best available data.
Next, it’s time to gather data so that you can make a decision based on what is accurate. This requires making a value judgment, determining what information is relevant to the decision at hand, along with how you can you gather the information. Ask yourself what you need to know in order to make the right decision, and actively seek out anyone who needs to be involved and whatever you need in terms of data.
Critically appraise and analyze that data.
- Identify – Once you have a clear understanding of the collected data, it is now time to analyze and thereby identify the various solutions at hand. Come up with a range of inferences. This will help you determine which course of action is the best way to reach the right decision.
- Weigh – As we grow in our careers we need to be able to weigh pros and cons, then select/propose the option that has the highest success rate. It may be helpful to seek out a trusted second opinion to gain a new angle on the issue at hand.
Integrate the data, with your professional experience and be conscious about your mental models
Next, you’ll need to create a plan of action. This involves identifying what are the resources you will need and earning the support from fellow employees and stakeholders. Getting everyone on the same plane, with your decision is akin to executing your plan effectively, so be prepared to address any questions or concerns or objections that may arrive in this application of the decision making process.
- ANNOUNCE AND ASSESS
Decide, communicate and monitor the outcome
- Announce – There are three key factors that are vital for the implementation of the decision:
- Correct timing of the execution since it reduces the resistance to change.
- Acceptance/buy in of the decision by people involved in the process.
- Proper and effective communication of the decision to the people involved in the process.
Act on your decision without any delay . Act with Confidence.
- Assess – We need to assess or review the outcome achieved after the implementation of the decision you just implemented.
Some of the effective tools, you can use to measure the success or the failure of your decision making process are market research, cost-benefit analysis, SWOT analysis, decision tree, T-chart, Pareto analysis, 5-why’s analysis etc. Applying these tools, can help you evaluate your decision and work on bettering your skills for the next decision making process!