Take effective decisions at the workplace

Nowadays decision making is very important, the necessity of it may require at any part of our life may be at personal level our working environment. When decisions are require, always consider both side of coins i.e. good and worst scenarios. I had come across a very good article on Economic Times which I would like to share with my readers, please read the extract below.

--- Source of Information : Economic Times --

In today’s fast paced and extremely competitive world, making effective decisions has become even more necessary. So brutal is the environment that a single bad decision could cost an upcoming manager his/her career.

Sometimes, decisions need to be made in the fraction of a second. There is no time for a collaboration or consensus. At other times, it is a long and research-intensive process. Multiple aspects, perspectives and opinions must be considered.

Keeping this contrast in mind, employees often find it difficult to form concrete parameters which will help them make effective decisions. However, here are some guidelines which will help make you a better decision-maker at work.

Understand the context :

No decision can be made effectively if you do not understand its fundamental basis. Understand the problem at hand in context, the various choices, the stakeholders involved, the consequences of the decision and its implications.

Know and Research :

The employee who makes the best decisions isn’t necessarily the one who is the most experienced. “The best decision-maker is the person who knows the organisation the best. It is only when he/she is acutely aware of the firm’s current strengths, weaknesses and operations that decisions will be effective.”

Additionally, being well informed about the prevailing industry atmosphere, global trends and the competition is imperative. “Research is the basis of good decisions. And by research, I mean hardcore, current and verifiable facts,”.

At the same time, don’t be over reliant on data and statistics. “In the process of number-crunching, managers often forget the humane aspect of their decisions. Also, numbers aren’t gospel; they can be misleading or untrue. Many employees succumb to what we call ‘paralysis by analysis’ and hence make poor decisions,”.

Emotions Quotient :

Sometimes, the best decisions don’t come from the head, but from the heart, and they can be effective too.

Attitude Alert :

The attitude you bring to the table during the decision-making process is of utmost importance. Always remember that it’s nothing personal, so leave your preconceived biases behind.

Decision-makers are commonly thought to be bossy, dominating and all-knowing. But remember, the ideal decision maker is one who listens, considers and collaborates when time permits. It’s also necessary to be flexible and open to criticism or divergent views.

Collective Thought :

The best decisions are often ones that stem from varied views and opinions. Collaborative decisions, that involve various stakeholders, are usually most effective at the workplace.

Consider Alternatives :

One of the biggest mistakes made while taking decisions is getting stuck to a ‘pet solution’ and refusing to see other alternatives. It is important to consider various alternatives to a problem. These should then be evaluated using the pre-decided criteria or parameters to come up with the best option.

Also, do remember to consider the trade-offs or the opportunity costs involved.

While it is important to come up with a final decision, it is equally important to come up with a Plan B.

“Be prepared for the eventuality that things may not work out as planned. At the same time, it doesn’t help to be overly pessimistic. Hope for the best but be prepared for the worst,” signs off Pant.