Decision Making Techniques (read it on MindTools.com)
Why Read It? The 40+ techniques explained in this feature will help you to make the best decisions possible with the information you have available.
"If you can learn how to make timely, well-considered decisions, then you can lead your team to well-deserved success. If, however, you make poor decisions, your time as a leader will be brutally short."
Tips for Making Better Decisions (read it on forbes.com)
Why Read It? Because making sound decisions is a skill set that needs to be developed like any other.
- Perform a Situation Analysis: Who will the decision impact (both directly and indirectly)?
- Subject your Decision to Public Scrutiny: There are no private decisions.
- Conduct a Cost/Benefit Analysis: Do the potential benefits derived from the decision justify the expected costs?
- Assess the Risk/Reward Ratio: What are all the possible rewards, and when contrasted with all the potential risks are the odds in your favor, or are they stacked against you?
- Assess Whether it is the Right Thing To Do: Standing behind what one believes is the right decision in the face of tremendous controversy is the stuff great leaders are made of.
- Make The Decision: Perhaps most importantly, you must have a bias toward action, and be willing to make the decision.
"Show me someone who hasn't made a bad decision and I'll show you someone who is either not being honest, or someone who avoids decisioning at all costs."
|Drop MFG Q&A with Chris Gougeon, Senior Designer
Lauren Hawthorne, Operations Support Coordinator for Carver Skateboards
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The Greatest Business Decisions
(read it on money.cnn.com)
Learn how these groundbreaking business decisions have shaped the thinking of today's top leaders.
VIDEO: Make Better Decisions
(watch it on topdocumentaryfilms.com)
"Making decisions, even simple ones, is a tricky process. And you are very, very bad at it."