Wednesday, February 25, 2015

Managerial Guide for Prudent Decision Making

Every action leads to an outcome and vice versa. It holds for all personal, professional, commercial and other aspects of living. For any process, system while in action it has intermediate steps that requires judgment, decision to proceed. The judgment has to be prudent. It has to be thoughtful. Any action that is not wisely taken may lead the whole process to go for a toss. Decision making, the skill some of it has to be learned while some of it comes with age and experience.

Managers, decision makers the skills needed are special. It is not chance based judgment, what it needs is thorough understanding knowledge of the various facets of the problem in consideration.  To be managers, decision makers it is not meant for all. The individuals that make those unpopular decisions that affect those who are cared and are around every day. While some skills need to be acquired, some traits and skills are in-born that make gives such individuals an edge.

One of the key for effective decision makers is to be authoritative keeping in mind ethics, kind treatment towards co-workers. A good manager is one who can visualize the implication of the decision on the job aspect of the employee and not on the emotional effect it would have individually.

The 7 decision making steps that are essential elements of structured process are;

•    Identifying right problem or situation- The first and foremost is to identify the problem, or the opportunity that may be worthwhile. It is imperative to know, take charge of pros and cons of the problem, opportunity that may make a difference to the clientele. To identify, and analyze the problem well is utmost important without carrying which all subsequent efforts may not be that fruitful. Also, it is important to understand the importance of the opportunity if it can be missed or the consequences otherwise.

•    Collect data- Thereafter, to gather information is next. Information that is relevant and that is not. Relevant and other information that has to be segregated right and used right. Not only this, all that is around the problem has to be understood well that will be help in prudent decision making. And also, to have complete information of the owners, influencer's of the information that can help it happen or stop it from happening.

•    Understand the situation – Before taking a call, decision for a problem or an opportunity next important is to understand the alternative course of action that may be viable. The alternative course that may be more practical and have better results as well. The information after it is completely gathered, the different interpretations need to be understood as well to use in the best way. The manager or the decision maker has to be judgmental in interpreting the data in several ways.

•    Alternate thinking- Around the opportunity other possible problem options need to be analyzed also. This requires creative thinking, positive attitude to work around problems around the opportunity and to find a solution. Alternate thinking also involves asking conditional questions for the opportunity such as, ‘what if’? It also involves thinking about the situation, the opportunity should be in. Other conditional questions around the problem need to be thought also that may have an impact on the outcome.

•    Evaluate Alternatives- The alternatives of the opportunity need to be evaluated, and also the criteria that need to be used for the alternate options. Both the criteria and the alternatives have to be thoroughly evaluated not to miss on any possible solution. Not only this, the alternate options need to be evaluated for feasibility, acceptability and desirability. The alternate options how much it would be feasible for all practical purposes has to be understood also. Moving on, among the alternatives which would be the best choice is next to be evaluated.

•    Best option to be selected – It now requires critical thinking among the selected alternatives, the provisional preferred has to be identified that may have future probable adverse consequences. This requires analytical, critical thinking to make choice of the best provisional alternative. And also the probable problems that might be created with the provisional preferred alternative. To analyze further, the risks that are involved with the selection of this provisional preference.

•    Implement the decision- a plan has to be chalked out to put the decision in place. To do this, first what is needed is dedicated resources to bring in effect. The parts of the decision may be brought in to implementation by different resources that have to be identified. En suite, to know if the plan is accepted and supported by colleagues? And also it is important to know the commitment of co-workers to materialize the decision.

Author Bio: ISB&M's programs are AICTE approved and directed towards employment & career, and not only an educational degree. All the placement activities of the students are done through ISB&M Placement Cell. ISB&M's Placement Cell makes every possible effort to ensure that all students pass out with good job offer. ISB&M's training courses are highly accepted and acknowledged by industry for Management/executive level employment.


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