Day-to-day decisions may be straightforward but complexities easily rise in higher-level decisions. We avail a plethora of techniques to help you.
We help you make decisions.
Here are the most common difficulties you can face in decision-making.
In some situations, objectives are conflicting, especially when it comes to cost reduction. You cannot have your cake and eat it too.
Multiplicity of decision makers
This situation is typical in board-level decisions, when all board member have the same equity share. It is rare that the board reach the same decision by a single shot.
Involvement of other stakeholders
Here, the other stakeholders’ opinions might be required due to their expertise in the domain, or due to their role toward the implementation of what is decided.
As in the public sector, political issues are on the table when power balance between the stakeholders and the decision makers is at play.
Uncertainties that matter become risks. You must always consider the odds.
Lack of information
You might lack the techniques of information and data collection or prefer that a third party be in charge of that, perhaps for the sake of neutrality.
Sometimes, you know something is wrong but you cannot name it. Thus, you risk making a wrong decision. Problem scoping is sine-qua-non.
Even when you know the problem, you can go wrong in “deciding what to decide”. For example, does it require cost-killing options or productivity enhancement?
Options and indicators definition
Once you know your decision scope, you can either content yourself with obvious options or investigate ones that are more elaborate and specific. There are techniques to help identify such options.
Often you compare options through indicators. The selection of such indicator is not trivial as bias easily occur.
Specific options might be too similar to be comparable, or too different that there is nothing left for comparison.
The decision you make right now can have a consequence on a near-future decision. With successive decisions, the end-result can be very different. It is better to analyse the set of decisions in a single model.
Balance between hard analysis and soft components
Emotions are essential to decision making. However, you must find the right balance between the soft proportion and the hard one of your decision.