The Key To Good Decision Making

The Skills You Need For Good Decision Making 

A series of studies proposed that positive effect can serve as a retrieval cue for positive material in memory, influencing what comes to mind and thus influencing decision making or judgment. [1] It is recognized, however, that in many real life situations these decision models are not appropriate; they’re the result of inadequate information, limited managerial ability, or extreme risk constraints. [2] Decision making includes optimization techniques for problems with no uncertainty. [3]

The real decision making process involves a lot of people, and the whole structure is redolent with feedback and anyone who has ever taken a complicated decision knows this. The question of how decisions should be made is a natural outgrowth of its descriptive aspects; the question of how decisions are made. [4] Making an appropriate choice requires a decision on the basis of knowledge, discussions, and pervious experiences. Decisions can bring a complete change, but this change requires self-confidence to take it.

Problem solving and decision making are dominated by substantive, strategic, and institutional uncertainties. [5] These are modest and are not commensurate with the opportunities or the human resources available for exploiting them. [6] Decision weights are generally lower than the corresponding probabilities, except in the range of low probabilities. [7]

So, how should people make positive decisions? Usually, when time proves commendatory to someone who administers a business, the majority of them started feeling conceited and superior in making decisions for their business. The point here is that, when you have to take a decision and your time is going favorable, you don’t have to show any delicacy, imperfection regarding the decision to be made. You should be determined with the decision. Therefore, you should carry on your duties like an experienced, wise, and faithful officer, like an officer who obeys his ruler, guards his interest, and keeps himself well-informed of the affairs of the State. Do not act in a way that you may in future feel sorry for your actions and may have to offer excuses and apologies.

Usually, when we make any decision, the result probability is either positive or negative. So, to get rid of this state of confusion, the best option is to do a case study on that issue and figure out or simply forecast the effects that will be achieve after decision. Deep thinking develops a clear vision towards a case which leads to increased efficiency and effectiveness in decisions which conclusively result in fruitful results. Further, forecasting in making a decision is also necessary as it estimates the positive or negative margin in decision making to select best action to be done.

Coming to end, decision making is important for management and leadership. Whenever we come up with any dilemma, we need to understand the problem by examining it in detail and discussing it with experienced people; this is also key to effective results. By doing this, one can develop a clear thinking towards the problem and, definitely, will come to correct decisions. In other words, correct decision making is the process of choosing the best alternative for solving any sort of issue. Alternatives prescribe how correct decisions are made.

References:

  • [1] Isen, Alice M., et al. "Some factors influencing decision making strategy and risk-taking." Affect and cognition: The 17th annual Carnegie Mellon symposium on cognition. 1982.
  • [2] Norton, G. A. "Analysis of decision making in crop protection." Agro-ecosystems 3 (1976): 27-44.
  • [3] Albright, S. C. W. C., Wayne Winston, and Christopher Zappe. Data analysis and decision making. Cengage Learning, 2010.
  • [4] Zeleny, Milan. Multiple criteria decision making. Ed. James L. Cochrane. Vol. 25. New York: McGraw-Hill, 1982.
  • [5] Koppenjan, Johannes Franciscus Maria, and Erik-Hans Klijn. Managing uncertainties in networks: a network approach to problem solving and decision making. Psychology Press, 2004.
  • [6] Simon, Herbert A., et al. "Decision making and problem solving." Interfaces 17.5 (1987): 11-31.
  • [7] Kahneman, Daniel, and Amos Tversky. "Prospect theory: An analysis of decision under risk." Econometrica: Journal of the Econometric Society (1979): 263-291.
  • [7] Kahneman, Daniel, and Amos Tversky. "Prospect theory: An analysis of decision under risk." Econometrica: Journal of the Econometric Society (1979): 263-291.
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