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Business Decisions

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Business Decision Quality
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  The   Power    of Decisions Module   1 M. Akbar Bhatti  Decision Making ã Decision-making is about deliberately opting for one choice from two or more, proactively to optimise a situation or outcome and not let it happen by default. ã The process involves getting from an identified need to a decision that addresses the need and the real issues. ã  At the same time it is necessary to minimise the risks of the issues and the consequences of the decision. 1  – 2  What are Hard Decisions? ã  A decision involving characteristics when: ã The situation is uncertain -i.e. there is a greater perceived risk ã The situation is inherently complex with many different issues -e.g. the siting of a new airport is immensely complex, especially in these environmentally-aware times, because of the factors that must be taken into consideration (flight paths, air traffic control, slots, residents, communications links, etc.) ã There are severalobjectives but one or more is blocked and compromises or trade-offs are needed. ã Different perspectives can lead to different conclusions -especially true where two or more people are involved in making a decision; they may disagree about the assumptions, probable outcomes or, even, the decision. 1  – 3  DM: The Right Approach ã  A robust, consistent approach to decision-making, together with the required supporting analysis, will: ã Deal with the complexities by providing a structure within which the issues can be organised(human beings have real problems dealing with five or more variables) ã Identify uncertainty and then present this in a structured and helpful manner  ã Deal with a multiplicity of objectives and trade-offs ã  Analysedifferent perspectives and facilitate logical presentation, in order to obtain consensus/decisions, especially where several opinions are present ã Encourage flexibility to change as circumstances alter and which may invalidate or fundamentally alter the appropriateness of the decision ã Provide an ‘audit trail’ demonstrating how the decision was reached, what was considered, whowas involved, etc. (very useful when things go wrong and ‘regret’ is considered) 1  – 4

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Nov 24, 2018
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