decision making

 

Making decisions is a part of everyday life. Some decisions are of little consequence, while others have serious consequences.

The success of a business can be just one good decision away, so let’s take a look at a small but powerful way to analyze a business’ decision-making model.

 

Business factors to consider

Before making any decision, there are a few parameters to evaluate:

·      Potential profits

This is often the first factor, and rightly so, to consider in making a decision, such as whether to pursue Project A or Project B.

·      Estimated success rate

Weighing the risks of a project is another vital factor. However, instead of estimating the chance of failure, I prefer to focus on the chance of success.

·      Project context

To move a project forward, a busines should know the intended market, or at least have knowledge of or experience with a similar project.

·      What does your gut say?

Being passionate abou t a project is a strength. That’s why I encourage following your gut instinct when making business decisions. Success even can come from making a crazy decision. Besides, it is said that the impossible often is something that hasn’t being done yet.

·      Learn something new

I believe we all look for new skills and experiences. Therefore, a business should pursue only the projects that will foster professional growth among workers.

 

Time to make the decision

A business can make project decisions by rating each of the above factors from 0 to 5 – with 5 indicating a highly influential factor and 0 indicating the least influential. After rating the factors, add up the lines. The project with the highest score likely is the best project to pursue.

decision-making
Depending on your situation, you might double one or two factor scores. For example, if your priority is money, you should double “Potential profits” and “Success rate” or maybe only “Success rate.” The point is to determine the factors that will affect your decision and then come to a decision based on what matters to you.

 

What is your decision-making method?

Do you have other factors that you take in consideration in making decisions?

What is your method?

Let me know with a simple comment, and I’ll respond.