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Decision Making Techniques

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

Decision Making

Problem Techniques

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. Emotional decisions are the decisions we make based on our emotional state. These decisions can be good or bad for us, but they are usually not well thought out. The decision-making process is a complex one, and it is often difficult to determine what the best course of action is. The emotional component of decision-making can complicate things even further, as it often leads to irrational choices and faulty reasoning. Although an emotional decision is not always irrational, it can be. Emotional decisions are often made without considering the consequences of the action, which then leads to a regretful decision that we must live with for a long time. Emotions are not necessarily a bad part of decision making, after all the facts are known and multiple alternatives are identified. 

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. In the age of information, it is hard to get away from data. Data is the most reliable way to make decisions and prove that one decision is better than another. Data can be used in any situation, from business to healthcare and even government. However, for every problem there are exceptions. There are situations in which data does not provide a clear answer or there is no data available at all. We will also discuss the challenges of making decisions without data and what we can do about them today. Computational thinking is different from normal human thought. Computational thinking relies on finding patterns in data and using those patterns to make judgments. This style of thinking has become a necessity for any business or government entity that uses a computer system, as it has been shown to be effective and efficient in solving problems. There are many ways that data can be used to make decisions, but the most common way is through the use of statistics. Statistics allow us to quantify data from everyday life and use it to make decisions about how to best serve or assist people. Statistics can be used for daily decisions like weather forecasting, traffic safety, and crime rates, as well as long-term planning such as public health and education policy.

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. Decision procrastination is a common phenomenon where people tend to put off making decisions. This is because they are not sure if the decision will be a good one and they want to avoid the regret of making an incorrect decision. It is more common in people who are indecisive, perfectionists, or those who have high expectations of themselves. Some common examples of Decision Procrastination include:

Refusing to decide on a career path, and only making that decision after years of indecision.

  • Trying to decide what career you want to go into, but being hesitant about the options because you are unsure if it is possible for someone with your skill set.
  • Hesitating before asking someone out on a date because you are not sure how the person will respond and want to avoid rejection.
  • Having an argument with someone, but not being sure how you want to respond, and wishing that there was a third option in the situation.

Decision Procrastination can be broken down into two main types:

  • No decision. This type of Decision Procrastination occurs when people are unsure about their decision, but still make no move towards making a move to act on it.
  • Behavioral procrastination. This type is where people put off making a decision because they want to avoid the potential regret from the potential wrong choice that they make.

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 solution.  We need to identify all the major alternatives before attempting to make a decision. This is because we will be able to get an idea of what could happen if we choose one option over another. We should also look at the pros and cons of each alternative, as well as their risks and benefits. An important aspect of decision making is weighing up the consequences of each potential solution. This will help us to understand what might happen if we implement a certain solution, in terms of both what it can do for us and any potential risks that come with it. We need to think about the consequences of what we have decided in order to see if it's worth it.

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.  It is often difficult to come up with a decision that satisfies everyone in the group. This is because of the need to compromise, which often leads to mediocre decisions. The problem with this approach is that it doesn't allow for any creativity or innovation in the decision-making process, and it doesn't allow for any diversity of thought. The committee members are often more concerned about prestige than they are about being innovative or coming up with an innovative idea.  Emotional intelligence is also important because it allows for creative and innovative thinking that leads to better judgments. Without creativity and innovation, decisions are often made based on prestige rather than the merits of ideas submitted by the committee members.

Decision:Buy or Sell

Decision Making Techniques That Work

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

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.

Decision Making Model in 5 Steps

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.

Decision Matrix

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.

SWOT Analysis

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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Decision Making Techniques