| Decision making in business - Final | | Print | |
| Written by Carol McGowan | ||||||||||||||||||||||||||||||
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In previous articles on decision making in business we have explored types of decisions, types of business decisions, steps involved in decision making and constraints on decision making. This article will now explore what factors impact on the quality of decision making and decision making styles. Factors Impacting the Quality of Decision Making There are at least 5 factors that impact the quality (suitability) of decisions made.
It is important to remember that people make decisions and so it is not possible to completely eliminate emotional factors that can come into play. This can be a helpful measure or monitor if used wisely. It can be the balancing factor. Decision Making Styles There are quite a few different decision making styles. Some of these include: Deliberate Decision Making - this means decisions are made naturally with an obvious objective in mind. Requirements and all relevant considerations are known and understood and decisions are made as they arise. Act on Impulse Decision Making - this is often perceived as an emotive and reactionary approach to decision making. These decisions can be made quickly and without taking due consideration of the implications of various decision options. Procrastinating Decision Making - making a decision is often deferred. There can be many reasons for this however oftentimes it is out of fear of the consequences of making a decision. There is a desire to make the ‘right' choice. A consequence of this approach is that opportunities can be lost. Don't Rock the Boat Decision Making - these are decisions made with a goal of not upsetting the ‘status quo' as a result of this approach power &/or authority can be given away. No Choice Decision Making-this approach adopts the attitude ‘what will be, will be'. It is where there is a feeling that there is no freedom of choice it will happen as it happens. Multiple Choice Decision Making - this is where there are a number of choices available each one being a viable alternative, even if they provide different outcomes or take into account a different range of considerations. Avoidant Decision Making - this is where there is a tendency to avoid making decisions of any kind. This is not the same as procrastinating decision making. With avoidant decision making the feeling that making decisions is way to stressful so just do not make one at all. Refer to Others Decision Making - this is the scenario where other people make decisions. It could be seen as removing oneself from taking responsibility for decisions. Alternatively, it could be a form of participation to give other the opportunity to make important decisions. If the latter approach is adopted it needs to be appropriate for the situation. You need to be careful not to abdicate your responsibility for decisions. No business is an island operating in isolation of what goes on around it. When making decisions remember to consider the impacts and implications for all relevant stakeholders not just a selected few. Others reactions to your will impact on the outcomes that can/will be achieved by the decisions you make. If you need to make decisions taking a proactive approached is recommended.
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