Decision-making are an important part of any business and a key utility of its success. Making operative decisions is significant for the successful operation of any business. Decisions shake business operations, strategy and performance thus it is important to take right ones
What is Decision Making?
Decision-making is a process of selecting among two or more course of achievement. In wider sense it is a problem-solving, decision-making that involves choosing between possible solutions to a problem. It also helps in analysing how to Grow Your Business.
Decisions that are capable for implementing, on a personal or on organisational level. Consequently, decisions which commits taking on a personal, or are able to be persuade others of merits. An effective decision-making process, therefore, needs to ensure things to be done. Moreover, the effective decision-making is an indispensable part of management. In fact, some experts associate management itself with decision-making. This is because the entire process of management includes decisions, which makes them all-pervasive.
Systematic Method for Taking Decisions
Business situations, and decisions which may fail since the best available options were not clear at the beginning, or the key aspects are not measured in the process. To discontinue such happening, all it is required is to convey problem-cracking and effective decision making plans to clarify the organisation or the management’s understanding. A rational and systematic process assists while taking such actual decision should ensure that addressing all the critical elements which are needed for a successful outcome.
1. Collect All the Information
Appropriate decision-making needs an assessment of all the information and data which a user can collect. In some instances, the data required is very internal (within the organization), and in other instances, you will obtain that information from external sources
2. Classifying All Options
Post analyzing the information, an individual must be able to progress on options on the decision desired to make.
3. Evaluate the advantages and disadvantages
Analyzing all alternative about positives and negatives which can assists in removing odds ones, our aim is to identify options which gives the best appropriate assurance of success and least chance of failure.
4. Selecting the Best Option
After ranking options, it is must choose one which is toughest to achieve the desired result. In some stages it is appropriate to combine other options, but in most cases, there may be a clear direction for the option to take.
5. Assessing the Influence of Decision
It’s important to assess the decision after sufficient analysis on the effectiveness of high-quality decision resolving or issue which was meant to address.
Ways of Deciding
Some of the key deciding factors include:
a. Decision matrix- The matrix shows the list of options and how they interact with the various factors in play. By scoring the different potentials, you come out with the best choice.
b. Cost-benefit analysis- How much will the different alternatives cost to carry out? How much will choosing them boost your bottom line afterward?
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Ankur Gupta, Head Marketing & Communications