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Decision-Making – Evaluating Decision Options, part 1 of 3
Decision-making often involves trade-offs. Risk aversion suggests that all things being equal, decision-makers will select the option having the lowest risk. But because all things are never quite equal, decision-makers concede items they deem to be of lesser value to items they believe hold greater value with risk being one of the commodities considered.
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About the Author
Nathan Ives is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.
Decision-makers and implementers must clearly understand the desired opportunity or problem outcomes in order to effectively select and execute appropriate actions. Without a well defined focal point, decision-makers and implementers risk selecting and performing either inefficient or inappropriate actions; expending resources on low value adding activities thereby diminishing an opportunity’s benefits or increasing a problem’s adverse impacts. Clear, concise opportunity and problem statements enable decision-makers to more readily identify the appropriate solution alternative and give implementers a target against which they can judge the effectiveness of their actions.
As stated before, effective decision-making provides the organization with a unified direction aimed at achieving a primary objective and possibly one or more secondary goals. Regardless of the decision’s complexity or its immediacy, the probability of realizing a desired outcome is directly related to the organization’s ability to execute the decision in a deliberate and focused manner. Broad organizational commitment to the decision and its execution is essential to achieving the unified action needed for a successful outcome.
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