What Is Decision Making?

Master CoachWhat Is Decision Making?

Decisions are made every day, whether it is purchasing groceries, or choosing the right college. However, decision making can be taken to new levels, especially when it involves businesses. To make sound decisions in business, it is first important to understand exactly what goes into the process and how you can become more efficient in making the right choices. When looked at objectively, decision making is known as the identification of alternatives and choosing one based on your preferences and values. Decision making involves reducing the uncertainty factor and taking a decision after reasonable assumptions and statements have been made.

When adopting decision making skills for your business, you will also learn that there are several types of decisions you have to make. A common type of decision commonly taken by executives is the yes or no, either and or. The questions posed for this type of decision require a single answer after the pros and cons as well as other alternatives have been assessed. Another decision type is when multiple alternates are available and the decision is based on the best choice that meets the already defined criteria.

Other types of decisions are usually put on hold until certain conditions are met with. These decisions are called contingent decisions. Business owners are also required to include back up alternatives known as contingent alternatives to ensure that all bases are covered and all possible situations are determined and analyzed.

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