Decision making process

In a past post we discussed the importance of having a decision-making process, as researchers from various sources all agree that “how” we make decisions in business is as important as the decisions themselves!

Their studies also indicate that the “best” decision-makers share certain traits. They:

  • Follow a process
  • Involve others when appropriate and use knowledge, data and opinions to shape their final decisions
  • Know why they chose a particular choice over another
  • Are confident in their decisions
  • Rarely hesitate after reaching a decision

The first trait is critically important, as following a standard process enables people to make more deliberate, thoughtful decisions by organizing relevant information and defining alternatives.

Naturally, there are different processes from which to choose, and the previously mentioned article shares one approach.

Here is another option developed by the University of Massachusetts, Dartmouth.

  1. Identify the decision
  2. Gather information
  3. Identify alternatives
  4. Weigh the evidence
  5. Choose among the alternatives
  6. Take action
  7. Review your decision