Decision Making Tools

Ten (10) Habitual Decision-Making ‘Slip-Ups’ With Remedies

There are a number of common mistakes that people make when it comes to decision making. When you have to make a complicated decision, don't put it off! Take a systematic approach and involve key stakeholders, so you can consider different perspectives. Be aware of issues such as Groupthink, consider the long-term consequences of your actions, and make sure you communicate your decisions to everyone that they affect. And don't be afraid to admit it if your decision turns out to be wrong.

Hartnett's Consensus-Oriented Decision-Making Model

The CODM model was developed by psychologist, Dr. Tim Hartnett, and was published in his 2010 book "Consensus-Oriented Decision-Making." You can use it to make better group decisions by involving everyone in developing a solution. The model is most useful where you need to decide on the best way forward with complex projects and problems, and where the solution to your problem isn't clear. There are seven steps that you can follow to use the model: 1. Determining the subject 2. Opening discussion. 3. Underlying worries. 4. Developing proposals. 5. Decide on a direction. 6. Improving a chosen solution. 7. Closing.

1 reading
Reading: Hartnett’s Consensus-Oriented Decision Making

Using Prospect Theory to Make Organisational Choices

Prospect theory, a theory about how people make choices between different options or prospects, is designed to better describe, explain, and predict the choices that the typical person makes, especially in a world of uncertainty. Prospect theory is characterized by Certainty, Loss Aversion, Relative Positioning and Small Probabilities.

Bring more choices by what if Analysis

In particular, what-if analysis measures how changes in a set of independent variables impact a set of dependent variables with reference to a given simulation model such a model is a simplified representation of the business, tuned according to the historical corporate data. In practice, formulating a scenario enables the building of a hypothetical world that the analyst can then query and navigate.

Implications of values in life

Making a deliberate and conscious attempt to identity which values are the most important is needed to keep your anxiety low and your happiness and sense of personal worth and self-awareness high. Regardless if we recognize them or not, values do naturally exist. Our lives can become less stressful, and more productive, when we acknowledge our personal values – and then make the attempt to live by and honor these values regardless of the circumstances we encounter.

Place First Vroom-Yetton Decision Model without Any Direct Influence

The underlying assumption of the Vroom-Yetton Decision Model is that no single decision-making process fits all situations. The Vroom-Yetton model identifies five possible decision-making styles that suggest varying personal involvement from “completely autocratic” to “acceptance without direct influence.” To find the process best suited to your situation, you need to consider a number of factors. These include time constraints, the level of team participation required, and the quality of the final decision.

Make Swift Decisions by TDODAR Decision Model

TDODAR is a quick, simple structure decision model for making informed, considered and swift decisions, and it is particularly useful in emergency and uncertain situations. Now, this article explains and informs on the six stages of TDODAR includes: Time, Diagnose, Options, Decide, Act, or Assign, Review

Get the Best from Managing the Stepladder Technique

The Stepladder technique combines elements of both team and individual decision making into a tool that is able to get the best from everyone involved. If you have a large team that needs to make a decision – and that team is made up of a variety of personality types – going through the Stepladder process is a great idea. When done correctly, this model doesn’t have to be particularly time consuming and it can lead to a logical choice that is supported by a majority of your team.

Calling on Recognition-Primed Decision (RPD) Process to Aid effective Decisions

In a given situation, the decision maker is expected to pick up cues and indicators that let them identify patterns. Based on these patterns and the kind of decision they have to make, the person chooses a single course of action, an ' action script', that they consider will achieve the outcome. These things prevent the pattern recognition necessary for recognition primed decision making and actually hamper effective decision making.

Get acquainted with Quantitative Strategic Planning Matrix in Life

The QSPM comes under the third stage of strategy formulation which is called “The Decision Stage” and also the final stage of this process. The best thing about QSPM is that it never insist the strategist to enter the information on assumptions, it extract the information from stage 1; the Input Stage and stage 2; the matching stage. The input stage is based on EFE Matrix, IFE Matrix and CPM and stage 2 made up of TOWS matrix, SPACE Matrix, BCG Matrix, IE Matrix, Grand Strategy Matrix. The QSPM combine the intuitive thinking of managers with the analytical process to decide the best strategy for the organization success.

Elect your Participants Using Modified Borda Count

The MBC is often used in team decision-making process. Admittedly, it can be used as a voting system based on participants ranking their preferred solutions. Indeed, many voting procedures can be used both in decision-making and in elections, but the main function of an MBC is in decision-making.

The Ladder of Inference

Using The Ladder of Inference teaches you to look at facts unbiased and not to judge too soon. It is a way to use your own convictions and experiences in a positive manner. The Ladder of Inference can be used by becoming aware of your own thoughts and reasoning and make clear to others how your own reasoning process works. This will allow others to have a better understanding of someone’s motives.

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Ten (10) Habitual Decision-Making ‘Slip-Ups’ With Remedies 0/1

There are a number of common mistakes that people make when it comes to decision making. When you have to make a complicated decision, don't put it off! Take a systematic approach and involve key stakeholders, so you can consider different perspectives. Be aware of issues such as Groupthink, consider the long-term consequences of your actions, and make sure you communicate your decisions to everyone that they affect. And don't be afraid to admit it if your decision turns out to be wrong.

Hartnett's Consensus-Oriented Decision-Making Model 0/1

The CODM model was developed by psychologist, Dr. Tim Hartnett, and was published in his 2010 book "Consensus-Oriented Decision-Making." You can use it to make better group decisions by involving everyone in developing a solution. The model is most useful where you need to decide on the best way forward with complex projects and problems, and where the solution to your problem isn't clear. There are seven steps that you can follow to use the model: 1. Determining the subject 2. Opening discussion. 3. Underlying worries. 4. Developing proposals. 5. Decide on a direction. 6. Improving a chosen solution. 7. Closing.

1 reading
Reading: Hartnett’s Consensus-Oriented Decision Making
minutes

Using Prospect Theory to Make Organisational Choices

Prospect theory, a theory about how people make choices between different options or prospects, is designed to better describe, explain, and predict the choices that the typical person makes, especially in a world of uncertainty. Prospect theory is characterized by Certainty, Loss Aversion, Relative Positioning and Small Probabilities.

Bring more choices by what if Analysis

In particular, what-if analysis measures how changes in a set of independent variables impact a set of dependent variables with reference to a given simulation model such a model is a simplified representation of the business, tuned according to the historical corporate data. In practice, formulating a scenario enables the building of a hypothetical world that the analyst can then query and navigate.

Implications of values in life

Making a deliberate and conscious attempt to identity which values are the most important is needed to keep your anxiety low and your happiness and sense of personal worth and self-awareness high. Regardless if we recognize them or not, values do naturally exist. Our lives can become less stressful, and more productive, when we acknowledge our personal values – and then make the attempt to live by and honor these values regardless of the circumstances we encounter.

Place First Vroom-Yetton Decision Model without Any Direct Influence

The underlying assumption of the Vroom-Yetton Decision Model is that no single decision-making process fits all situations. The Vroom-Yetton model identifies five possible decision-making styles that suggest varying personal involvement from “completely autocratic” to “acceptance without direct influence.” To find the process best suited to your situation, you need to consider a number of factors. These include time constraints, the level of team participation required, and the quality of the final decision.

Make Swift Decisions by TDODAR Decision Model

TDODAR is a quick, simple structure decision model for making informed, considered and swift decisions, and it is particularly useful in emergency and uncertain situations. Now, this article explains and informs on the six stages of TDODAR includes: Time, Diagnose, Options, Decide, Act, or Assign, Review

Get the Best from Managing the Stepladder Technique

The Stepladder technique combines elements of both team and individual decision making into a tool that is able to get the best from everyone involved. If you have a large team that needs to make a decision – and that team is made up of a variety of personality types – going through the Stepladder process is a great idea. When done correctly, this model doesn’t have to be particularly time consuming and it can lead to a logical choice that is supported by a majority of your team.

Calling on Recognition-Primed Decision (RPD) Process to Aid effective Decisions

In a given situation, the decision maker is expected to pick up cues and indicators that let them identify patterns. Based on these patterns and the kind of decision they have to make, the person chooses a single course of action, an ' action script', that they consider will achieve the outcome. These things prevent the pattern recognition necessary for recognition primed decision making and actually hamper effective decision making.

Get acquainted with Quantitative Strategic Planning Matrix in Life

The QSPM comes under the third stage of strategy formulation which is called “The Decision Stage” and also the final stage of this process. The best thing about QSPM is that it never insist the strategist to enter the information on assumptions, it extract the information from stage 1; the Input Stage and stage 2; the matching stage. The input stage is based on EFE Matrix, IFE Matrix and CPM and stage 2 made up of TOWS matrix, SPACE Matrix, BCG Matrix, IE Matrix, Grand Strategy Matrix. The QSPM combine the intuitive thinking of managers with the analytical process to decide the best strategy for the organization success.

Elect your Participants Using Modified Borda Count

The MBC is often used in team decision-making process. Admittedly, it can be used as a voting system based on participants ranking their preferred solutions. Indeed, many voting procedures can be used both in decision-making and in elections, but the main function of an MBC is in decision-making.

The Ladder of Inference

Using The Ladder of Inference teaches you to look at facts unbiased and not to judge too soon. It is a way to use your own convictions and experiences in a positive manner. The Ladder of Inference can be used by becoming aware of your own thoughts and reasoning and make clear to others how your own reasoning process works. This will allow others to have a better understanding of someone’s motives.

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