Decision Making Techniques
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Decision Making Models




Decision Making Techniques
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Business Analysis Made Easy

Decision Making Techniques


The fine points of making decisions



Let's explore what decision making techniques work and what doesn't. To make good solid decisions, you need to use a step by step decision making process that has proven to be effective.


  1. Emotional Decisions - These are decisions that are made on the spur of the moment, because of strong emotions. Strong emotions are not a good base for making a decision. Emotions are not necessarily a bad part of decision making, after all the facts are known and multiple alternatives are identified.
  2. Decisions Without Data - If you don't know the facts about the situation how can you make a good decision? It would be a little like flying in a fog without instruments. You could be flying into a catastrophe.
  3. Decision Procrastination - This is putting off facing a decision that needs to be made. You fail to collect information or identify alternatives. You just try to ignore the decision, hoping it will go away.
  4. Not Identifying The Major Alternatives - It is important to know what the most important alternatives are. Otherwise you could be settling for 2nd or 3rd rate solutions, when you could have had a 1st class olution.
  5. Decisions by Committee - These are notoriously mediocre decisions. It is hard for a committee to even make a decision, due to conflicting opinions. Decisions, when made, are generally compromises. Compromise decisions are generally mediocre decisions

Decision Making Techniques That Work


Here are some very solid decision making tips that almost always work.


  1. Decision Making Model In Five Steps - This is a step by stem methodology that guides you through the decision making process. Using the simple logical procedures, it will empower your decisions.
  2. Decision Matrix - A decision matrix helps you to make a decision between different alternatives. You can use factors that are important to you. Each of these factors can be weighted, reflecting your feelings of their relative importance. This is an important tool that clears the fog from your decision making.
  3. SWOT Analysis - This is a specialized decision making technique that is used primarily for business situations. Prospective on the decision making process is achieved by diagramming the strengths, weaknesses, opportunities and threats of the situation.

Summary


Using the decision making techniques recommended above and avoiding the bad methods can radically improve your decision making. Once you have used these methods a few time the decision making process will become second nature to you. You will have become a decision making superstar



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