Decision making can be regarded as the mental processes (cognitive process) resulting in the selection of a course of action among several alternative scenarios. The more alternatives, the more difficult the choice.
Making a good decision has at least the following components: Consideration of:
1. Risks
2. Benefits
3. Their chance of occurring
4. Chance the above data are:
a. Incomplete
b. Incorrect
c. Inaccurate
5. A utility function
An appreciation for wisdom and knowledge.
Seeking input, advice, perspective. With the ability to assess it.
Strong development in thinking. Knowong how to think.
Someone also said your solutions must match and exceed the complexity in/ of the problem. It gives an indication of the level of comprehension, thinking etc required
Decision making is a balance of informed decision based on data analytics but rationally and critically analyzed by the judgmental and wisdom of the brain but ultimately can be subjectively influenced by the heart....it all depends on which of these three are dominant and how they interplay....a simple example is shown evidently by world leaders whereby there are potentially good information but imperiled due lack of wisdom or influenced by impulsive and impure heartless decisions....
Is practical decision making - the right choice/ decision - that straightforward? Many choices/ problems are rather complex.
For better decisions, Four elements which can help with all types of decision making:
i) Process: Firstly, decision making is a process with several stages. These combine to produce effective outcomes. It may simply consist of someone making up their mind to do something.
ii) Options: Any decision making process should ensure that sufficient options are generated to enable a decision. It involves deciding `where you are' and `where you want to go'. Then generate options which will show you `how to get there'. Without any options, there is no decision to make - it's an ultimatum!
iii) Choices: Choices can be difficult to make. In making a decision you'll probably rely on numerous inputs, and you'll certainly need to address a range of factors. Inputs will include your own experience, knowledge, common sense and judgement, and possibly that of others involved in the decision.Choices are typically made within constraints.
iv) Actions: The last element of decision making is perhaps the most important. A decision, even though well-made, is pointless without action. Actions have consequences, both intended and unintended. Decision making is about the future, about looking forward. Making a choice should take you forward - to action.
Try to visualize your choice as though it were already happening. Ask yourself ``what might the consequences be?'' You are committing to a course of action which is uncertain so monitoring and adapting your plans as you implement them is often the secret to success.
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