Decision Making in Business

We’ve all had to make tough decisions in life at one time or another. Whether it be in our professional or personal lives, the process is always the same. It always involves identifying the goal, collecting all the relevant information and finally, weighing out the options to make the best choice. The benefit to making sound decisions is that they will stand the test of time, they weigh out all possible outcomes, they can eliminate conflicts of interest, it creates less second-guessing and provides somewhat of a roadmap. There are so many types of decision-making models out there. Ethical, formal, 5/6/7/8 step processes, analytical hierarchy process, rational, managerial, etc. The list goes on and on. Your goal can help determine your process. Let’s just look at the 8-step decision making process as an example.

1.     Identify goal

2.     Gather relevant information

3.     Determine criteria for critiquing alternatives

4.     Brainstorm all options

5.     Compare alternatives (pros/cons)

6.     Make your decision

7.     Execute decision

8.     Evaluate decision after implementation

Being strategic when making decisions is crucial. It’s important not to overthink but to appropriately analyze. Pragmatic decisions are made from using a systematic process that will guide you along to the right outcome.