General Advice: First order of business…. Get clarity on the issue and look to frame it properly as a problem, a challenge or an opportunity. ?Does a decision need to be made, if so by when? (Is the issue urgent and/or critical?) ?What is the scope and complexity of the issue? Be honest and open about assumptions, emotions, and biases (including beliefs and personalities) that may be at play. Determine how the decision will be made (process) who will be involved in the decision and how the decision will be carried out. (what actions will be implemented?)
Assessment questions: What is the cost / risk / reward for each alternative solution? -- in tangible terms as well as measured in strategic terms (i.e. congruency with business goals and objectives). What are the pros and cons of each alternative?
In addition to the projected outcomes in a single player game – what are the likely scenarios when competitive reaction and market dynamics are considered? What is the worst case scenario?
Smart Decision Making Strategies:
- Apply the 10-10-10 Rule--- consider the ramifications 10 days, 10 months and 10 years from the present.
- Challenge assumptions and demand data back-up. Separate fact from opinion.
- Use techniques such as brainstorming, story boards, mind mapping, SWOT, Value Stream Mapping, Fishbone diagrams, Pareto analysis, and the 5 Whys approach.
- Examine closely cause and effect reasoning to discern whether the relationship is cause and effect and not simply correlation.
- Keep in mind that the execution of a decision requires more decisions including, in some cases, the need to assess whether a plan B should be implemented and under what contingencies.
Questions Prior to action:
- How well does the preferred alternative align with leaderships passions, dreams and goals?
- Does the chosen course of action pass the gut test (does it feel right)?
- Is more input or data gathering required to make a sufficiently informed decision? Can any part of the decision be delayed to gather additional input?
- Who will be affected by the decision? Who indeed, are the issue stakeholders?
- Are there any potential latent factors or collateral consequences that might have been overlooked?
- Is it time to make a decision?… is the requisite information available and if so would the urge to delay the decision waiting for perfect information give rise to opportunity costs or unnecessary risks??If it is time... then just Decide!
