Decision Making
In our daily personal or professional life, we take 100s of decisions daily; sometime consciously and sometimes subconsciously; sometimes logical and sometimes illogical; sometimes post thinking and sometimes without thinking.
All those decisions are taken basis time at hand, need of response, criticality, our own understanding of the situation and our own beliefs.
But success or failure follows those decisions and hence very important to understand the factors behind those decisions and how can we take decisions post considering best possible information.
Decision Making Process
- Pinpoint what needs to be decided— if one does not have more than one options then decision making process is not required at all.
- Identify all alternatives – many a times those alternatives are identified in mind in a flash though if one has time to take decision then one needs to write down those alternatives.
- List the Pros and cons of each alternative -Considering one’s own values and priorities (social, Monetary etc.) narrow down the list of alternatives to a select few.
- Examine the selection -Consider the outcomes of each alternative.
- Make your choice and take action.
- Review the decision and consequences and if required make changes to the decision using next best alternative.
Decision Making is a lifelong process and understanding from each outcome may provide one with invaluable lessons for future for similar situations.
Common Pitfalls in decision making
- Identifying the wrong problem
- Listening to only one choice
- Listening to too many choices and not making selection
- Overshooting the process/dithering on decision
