Wednesday, 20 June 2012

How much is your decision worth?

Good managers who earn high wages are paid to make good decisions for the company. What is considered their worth is actually the worth of their decisions; this is because good decisions earn more. When people trust a leader, they simply trust his judgments. People come to believe in them because of previous decisions that yielded positive results.
Today, relying on guts and instincts for your decisions can be very disastrous. It does not only waste your resources, but are prone to fail.  And when you fail several times in making good decisions, your decisions lose value. You need an evidence/objective based system to boost the credibility of your decision making.
Here are a few tips to help you boost the worth of your decisions:
  •   Gather relevant data
Always support your claim with relevant data. Any decision you want to make that cannot be sufficiently supported with evidence, is likely to lose its credibility. For instance, if you want to make an investment decision, you may want to look at the previous and current performances of the business, those managing it, and their capabilities etc.
  • Make the connections
When you have gathered the relevant data, check to see if there is any connection linking them up, does it follow a logical sequence? At this point, cause-and-effect reasoning plays a vital role. Can the excellent performance of a business over the years be attributed to good management, or are there other factors to look out for? There has to be a relationship between the various data collected.
  • Research, Research, Research
Explore the world around you, ask questions, and observe happenings in every situation. The information you gather from these exercises can boost the worth of your decisions. So far, conducting researches is still the best means of bridging the gap between what is known and what is not known. Never stop researching, it guides your decisions
A systematic decision making process can help you to achieve a valuable and worthy outcomes. Make your decisions count.

No comments:

Post a Comment