Dear Raveendra

Your question is too generic and spans too big a scope and can have infinite solutions. I think you need to have a systematic procedure rather than adhoc methods. One generic 5-step process used for decision making is

Step 1 Identifying the decision to be made.

Step 2 Select the various options that are available for decision

Step 3 Get all the necessary information in terms of pros and cons of various issues involved, and the weightage that you would like to give for each of the option.

Step 4 Prepare the decision matrix with the collected information for all the options and issues involved.

Step 5 Select the option with the highest weighted total.

Dear Raveendra

Your question is too generic and spans too big a scope and can have infinite solutions. I think you need to have a systematic procedure rather than adhoc methods. One generic 5-step process used for decision making is

Step 1 Identifying the decision to be made.

Step 2 Select the various options that are available for decision

Step 3 Get all the necessary information in terms of pros and cons of various issues involved, and the weightage that you would like to give for each of the option.

Step 4 Prepare the decision matrix with the collected information for all the options and issues involved.

Step 5 Select the option with the highest weighted total.

Too systematic Nageswara. I am not sure if in real world situation decisions are made thsi way. Most often than not decisions in real world situation are influenced by individuals for short gains. Thant is the agony. When we look at major decisions taken with logic at that time were challanged later.

We are making decisions all day long. What to wear, what’s for breakfast, how to solve this problem, where to put that object. We're always making choices, and we always have a choice, even though it may not always seem so.

Most decisions are so easy that they happen automatically. You grab your raincoat after hearing a wet forecast, without agonizing. Other decisions require more conscious thought.

Good decisions are often judged not so much by their outcomes as they are by the principles on which they are based. There are essentially two ways that people make decisions---the intuitive method and the deductive method. The intuitive method, which is the way 99% of our decisions are made throughout the day, involves our ordinary judgments and feelings. In other words, it involves making decisions based on our feelings---deciding with our instinctive. The deductive method, which is the more complicated strategy, involves a more systematic and logical process. It is this second type of decision making model. The following are the steps that should be followed to take a good decision based on the experience of several experts in the subject:

1.Identify the problem.

When faced with a difficult decision or dilemma, one’s first step should be to identify the problem. Operationalizing the problem, which means defining the problem in specific behavioral terms, is usually 90% of the solution. Rather than defining the problem in such a way that change can be made more difficult or even impossible, reframing the problem involves viewing the situation from a different---often more positive---perspective. For example, rather than viewing a challenging situation as a problem, one can view it as an opportunity by asking the question, "What changes would I like to see?" Such a question reframes the problem by restating it in terms of how or what one wants to change rather than in terms of what is wrong.

2. List your alternatives.

The brain is the most powerful computer in existence, but it sucks at multitasking. It’s difficult to hold more than 7 different trains of thought in your mind at once, and impossible to concentrate on two of them simultaneously. The reason we don’t crash our cars while talking on our cell phones is because we can switch between tasks really quickly – but much slower, and less accurately than doing either alone. Write down every option you have for the decision you’re making, get it out of your head and spend some quality time on each one. Find a clean notebook and pen. Sit in a quiet place. Open the notebook and write a statement summarizing the decision you need to make. Do several minutes of free-writing.

Let whatever comes out of your mind make its mark unguided. Don’t stop writing, filling in with nonsense if necessary. Try this without even lifting your eyes from the page the entire time.

Imagine you select one choice that is available to you. Write a description of the outcome of making that choice. Do the same with each of the available choices. Spend a few minutes on each possibility. Consider your various options at choice points. Because there is often more than one right solution to a problem, think of solutions by thinking divergently as well as convergently. Convergent thinking refers to systematic thinking, including inductive and deductive reasoning, which brings together information on solving a problem by focusing on a single correct answer. Divergent thinking refers to flexible thinking that moves away in diverging directions with many possibilities that involve a variety of factors that may lead to novel or creative ideas and solutions. In other words, in divergent thinking, there is no one "right" answer to a particular problem, but instead there may be many right answers. Divergent thinking is required when dealing with the many situations in everyday life in which no single moral or ethical dimension seems to outweigh the others. Brainstorming, which involves creative thinking and solution-generating thinking, can be helpful in revealing a variety of actions that may prove useful.

3- Identify the principles involved.

After identifying the problem, the next step is to identify the principles on which the decision will be based. Depending on the context, guiding principles may involve the tenants of one’s religion or faith tradition, laws and legal regulations, institutional policies, best business practices, or professional ethical standards. If a single relevant standard applies in a particular situation, one’s first question should be, "Is there a reason to deviate from the standard?" On the other hand, if there is no single principle that applies to the situation, one’s next step would involve identifying the relevant dimensions that make the issue problematic. The concept of universality becomes relevant at this point. Universality refers to the principle that distinguishes ethical action from expedient action by being applicable to any person operating in essentially the same situation. In decision-making, the concept of universality is best illustrated by the question, "Would I recommend the same course of action to every other person essentially similar to me who is operating in essentially the same circumstance?"

4. Remember that time is on your side.

Distance gives perspective. It’s the oldest advice out there – separate yourself from the emotions of the moment.

5. Consider doing nothing at all.

When faced with a dilemma, most people are usually concerned with which actions to take. People typically ask the question, "What should I do?" One should also ask the question, "Have I considered doing nothing?" In generating possible courses of action, one should always consider the option of taking no action at all because there are some problems in life for which this option may prove to be the best solution. In other words, "not doing anything" or deferring an action may sometimes achieve a desired outcome. Of course, there are many situations that call for decisive action, but it is rarely a bad idea to at least consider the option of taking no action at all.

6. Common knowledge isn’t.

Spot those “taken for granted” moments and ask why that’s the case. Everyone knows that you shouldn’t swim after eating, but why is that? Is it actually true for everyone? What if you’re just wading in the water and you can stand easily enough? Question the assumptions you’re making and judge if they really apply to you.

7. Make the decision.

Not all decisions are equal so don’t waste your time. You don’t need to follow these steps every time. Choose a course of action. Although choosing a course of action is based on principles, implementing a course of action is based on pragmatism or practical considerations. Implementation of a chosen course of action involves practicality, which refers to the likelihood that one can actually implement the chosen course of action.

8. Implement the decision.

You can endlessly re-analyze and agonize over what you’ve decided. You have to stop sometime. Make it real, write it down. Once your decision is out of your head and in the real world, your brain can stop constantly churning through the options and get on with the next task.

9. Evaluate the results of action.

The final step in decision making involves evaluating the results of the actions one has taken. Good decisions can sometimes lead to bad results, although bad results often turn out to be good. We learn from our mistakes, and the ability to recover from a mistake is more important than not making any mistakes at all. It is often said that wisdom comes from experience, and experience often comes from bad judgment.

To me it is really a simple question, if you would change the word from decision to choice.  One considers all the choices available at that moment in linear time and from there chooses the choice that best fits the situation.