We all have to make decisions, but doing so isn’t easy. Why? As we face multiple challenges. Most importantly, a) lack of sufficient information, b) multiple options, c) impending risks etc. But how do we make decisions when faced of these overwhelming challenges? Let’s discuss.
Prioritize
When faced with too many items which need our attention, the best strategy is to identify those which we need to deal with immediately. This helps in decluttering our minds, thereby enabling us to focus on better execution.
Organize
We then need to organize all facts (data) about the issue in hand to make an informed decision. Absence of relevant facts can distort our vision, thereby enhancing the chances of us making mistakes.
Analyse
Analyzing the data in hand is very important. It helps us in identifying all the pros and cons of our decision. Weighing the pros against the cons empowers us to make the right decision.
Synthesize
Sometimes analyzing the data in hand become very difficult. It may be due to insufficiency of facts, or pros balancing out the cons- making it hard for us to make a decision. When faced with such a situation, relying on some basic “self-defined rules” come very handy. These rules are like a lighthouse — helping us navigate the uncertainties.
Maximize
The rules of decision making should be such that it maximizes the overall value of all the stakeholders involved (not just us alone). Doing so will enable us to minimize mistakes. Why? The decisions which enhance the value of all stakeholders are more likely to be correct.
Summarize
To ensure nothing falls between the cracks we much summaries the rationale of our decisions in simple words before we execute. This will help us avoid inadvertent mistakes. This rationale should be simple, easy, and clear. More importantly, it should be consistent with the rules that we end up defining for ourselves.
Being decisive tantamount to being effective. More importantly, we have to ensure that the risk of decisions going wrong is minimized. Even if some of our decisions do not turn out to be correct, at least we will not lose our peace of mind, as we will have the satisfaction that we earnestly tried to maximize the gains for all the stakeholders.
