In our regular day to day activities whether in personal lives or in our professional lives, we very often face situations filled with choices or alternatives. Choices may involve options for solution to a problem in hand, choosing a path at cross road (such as go or no-go decisions) etc. And we need to decide the seemingly best option or alternative to move forward. Decision making is one of the most important basic management skills for all of us. It is a cognitive ability. It can differ from person to person.
Making decision which are timely and which are based on careful analysis of various information is critical to our success. Decision making is a habit as well as a process. Decisions should neither be taken in haste nor be procrastinated indefinitely. Decision making can be hard sometimes. So to be on the safer side, a project management professional preparation course is the best way to make correct project decisions.
While the individual cognitive ability for decision making will depend on each individual, however, we can follow a well-structured process for decision making as suggested below:
It is important to gather all relevant information about the decision to be made with regards to above mentioned points. It will include identifying all various parties, stakeholders who will part of the decision, how the decision will be impact different groups or individuals or the organization etc.
We need to identify clearly all the available alternative options, paths or actions for the decision to be made.
Evaluating all the options with their pros and cons needs to be carried out
Choose the best alternative based on the above careful analysis of all the alternatives.
Implement the actions associated with the alternative path or option being selected.
We need to analyse the outcome achieved after the implementation of the actions selected in the above step.
Some of the tools and techniques which are used in the process of decision making includes but not limited to are market research, cost-benefit analysis, swot analysis, decision tree, T-chart, Pareto analysis, 5-why’s analysis etc.
Timely and well-thought decision making is extremely important for success in today’s time. We must take a logical approach for decision making. We must also inculcate the habit of decision making.
Thank you very much for this article. It was useful to me.
hi Very helpful indeed I need assistance on PM
This post made an excellent point that one of the benefits of using an ERP system is that it helps monitor and track revenue. I do agree that as a business, this is important.
good article. Well explained!
Well explained. Thank you so much. Continue educating us.