Understanding Right Decision Making Methodology

Decision making is a very important as well as a very tough task. Some people think that it is just a simple reflux but it is a whole process which involves several steps. Not only this, there are several factors that affect the decision making. Before making any decision it is very important that one should consider all its factors and follow all the steps to have a right and effective decision. This article by a dissertation writing service will guide you about right decision making step by step and how to determine the factors that have any impact or effect on your decision or decision making method.

Decision Making Process:
A good and complete decision making process is based on seven basic and necessary steps. These steps are

1. Defining the Problem
2. Identification of the limiting factors
3. Finding the Alternatives
4. Analyzing the Alternatives
5. Choosing the best Alternative
6. Implementing the Decision
7. Monitoring and Feedback

The decision making process begins with the identification of the problem. For example we can consider a scenario where we have to make a decision about choosing the University for Admission. In this scenario our problem is the choice of the university. The next step is the identification of the limiting factors that have an impact on your decision making method. For example in our considered scenario the factors can be finance i.e. tuition fees of university, distance, either we want to study in foreign university or domestic university.in next step we will develop the alternatives keeping in mind the limiting factors. In our assumed scenarios our alternatives will be the list of all universities whose tuition fee is within our budget, offer our desired degree and have a good reputation. A person needs to be very careful in developing the alternatives so that any important option is not missed.

Read More: How to Get a Job in Engineering Field After Graduation?

It is advisable to consult with others for having more alternatives so that you can make a good decision. Once the alternatives are developed then the alternative is analyzed. Analysis can be done through weighting and criteria methods. Different criteria are set according to the problem and each criterion is assigned some weightage and then each alternative is ranked according to the criteria and weightage. The alternative with the highest rank is chosen. Or a person identifies the advantages and disadvantages of each criterion or a person can also perform a cost benefit analysis. After the selection of the right alternative a person makes the final decision and implements it. Many people wrongly assume the decision making process ends at the implementation of a decision, but this is not right. A decision making method also involves the evaluation of the decision made and getting feedback about it to check whether the decision made is effective or right, what its impact on the stakeholders are.

Different Methods for Decision Making:
There are several different methods for decision making which include Commanding Method, Consulting Method, Voting Method, and Consensus Method. Each method has a different level of risk and takes a different time period for making a decision. In a commanding method a person does not involve other people in the decision making process. The decision made is of authoritative type and only involves the opinion and consents of the decision maker. The commanding method of decision is the fastest type of decision making; it takes less time but it involves a higher degree of risk. The commanding decision is mostly made by the leaders and executives who have greater and full authorities. In the consulting method an individual consults other people for decision making, he asks others for advice and help and then makes his own decision based on the advice and suggestions of others.

Read More: 5 European EdTech Startups Changing Education Sector

Consulting method takes more time than commanding method but less time than voting and consensus method. The degree of risk in consulting level is less than commanding but greater than voting and consensus methods. In voting methods different options or alternatives are provided and then people are asked to vote for the right alternative which they think is right. It is also known as democratic type of decision making. This method is less risky but more time consuming. Every person who takes part in voting is equally responsible for the decision. In the fourth and last method, consensus method the risk level is the minimum but it is the most time consuming method as compared to the rest of three decision making methods. This is a group made decision where every member agrees to a final decision after detailed discussions and recommendations.