Steps in decision making
Decision making is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions. The business decision making process helps managers and other business professionals to solve problems by examining alternative choices and deciding on the best route to take. The process is commonly divided into seven steps to enable one to effectively and efficiently make thoughtful and informed decisions that have a positive impact on your organization’s short- and long-term goals.
Identify the decision. This is the first step and it is very important as it clearly defines the nature of the decision you must make. It involves identifying the purpose of your decision by figuring out the exact problem to be solved and why it needs to be solved.
Gather information for weighing your options. On identifying your decision, you need necessary information relevant to the choice you have made. This step involves gathering information so that you can make a decision based on facts and data. Do an assessment to see where your organization has succeeded and failed in areas directly related to your decision. Always seek the opinions of people that you trust or speak to experts and professionals, because it will help you to come up with a variety of solutions when weighing all your options for a final decision. You will want to gather as many resources as possible in order to make the best decision.
Identify alternatives. While gathering information you will identify different possible paths of action, solutions or alternatives at your disposal. You can also use your imagination and additional information to construct new alternatives. In this step, you will list all possible and desirable alternatives. The range of options helps you determine which course of action is the best way to achieve your objective.
Weigh the evidence. To know which alternative is the best you will need to evaluate for feasibility, acceptability and desirability. Weigh the pros and cons of the alternatives and select the option that has the highest chances of success and higher potential of reaching your goal. Seeking out a trusted second opinion to gain a new perspective on the issue at hand is recommended. Finally, place the alternatives in a priority order, based upon your own value system.
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Choose among alternatives. After weighing the evidence and prioritizing the alternatives, select one that seems to be best for you. You may also choose a combination of alternatives now that you fully grasp all relevant information and potential risks with your chosen route.
Take action. Begin to create a plan to implement the alternative you chose. Identifying what resources are required and gaining support from employees and stakeholders as getting others on board with your decision is key.
Review your decision. Consider the results of your decision and evaluate whether or not it has resolved the need you had identified for effectiveness. Take note of what worked for future reference and learn from your mistakes as you begin the decision-making process again.