DECISION MAKING

Every decision matters. Every action you take has a consequence in your future. Making decisions is easy. Making the right decision is hard. When making decisions, you will face many barriers, including the quality of information you have, the amount of time allowed, and several cognitive biases that will influence your decisions. In addition to these barriers, we’ll also look at some common styles of decision making, including satisficing, optimizing, intuitive, rational, combinatorial, and positional.

A decision is the conclusion of a process by which one chooses between two or more available alternative courses of action for the purpose of attaining a goal(s). This process is called decision making. Every decision matters.

Every action you take has a consequence in your future. Making decisions is easy. Making the right decision is hard. When making decisions, you will face many barriers, including the quality of information you have, the amount of time allowed, and several cognitive biases that will influence your decisions. In addition to these barriers, we’ll also look at some common styles of decision making, including satisficing, optimizing, intuitive, rational, combinatorial, and positional. Decision making by nature involves a series of decisions such as what should be done? When? How? Where? By whom?. Some of the decisions are so routine that you can make them even without giving them much thought.

All people need to make the best decisions. So, in order to be good people in making good decisions, we need to have the ideal resources— information, time, personnel, equipment, and supplies — and identify any limiting factors. Realistically, many people operate in an environment that normally doesn't provide ideal resources. So, because of that we mostly choose to satisfice in order to make the best decision possible with the information, resources, and time available. Time pressures frequently cause a person to move forward after considering only the first or most obvious answers.

In our real-life situations, decisions can often fail because the best alternatives are not clear at the outset, or key factors are not considered as part of the process. So, in order to stop this happening, you need to bring problem-solving and decision-making strategies together to clarify your understanding. A logical and ordered process can help you to do this by making sure that you address all of the critical elements needed for a successful outcome.

Every decision matters. Every action you take has a consequence in your future. Making decisions is easy. Making the right decision is hard. When making decisions, you will face many barriers, including the quality of information you have, the amount of time allowed, and several cognitive biases that will influence your decisions. In addition to these barriers, we’ll also look at some common styles of decision making, including satisficing, optimizing, intuitive, rational, combinatorial, and positional.

DECISION MAKING