Decision making is the part and parcel of our lives. Every day, we make a lot of decisions right from small everyday decisions to big business decisions. PGDM Diploma Courses are designed in order to train students in the art of decision making. PGDM Colleges focus on a long-term objective of improving the overall decision-making process of their students by laying down a well thought of training program. While your institute is working towards improving your decision making, you can follow these 5 simple tips at personal level:
Simple decisions are easy to make. You can simply tick them off and have the feeling of accomplishment. The problem arises when the level of difficulty increases. Delaying such decisions can bring more harm than good. Difficult decisions need to be tackled on priority. Dedicate a focused block of time to it each day. Work through all the pros, cons, risks and realistic outcomes of your decision. Be prudent and realistic about tackling the problem in hand. The problem is not going to solve itself so it is better to take it up in priority and get it done with.
Shelve ego and emotion
Decision making process can be overwhelming at times as you become too personally invested in the whole process. It bothers you to think about the overall outcome of your decision and what impact, positive or negative, it will have on the future of the company. You need to shelve your emotions and ego while making the decision. Be practical about your decision and think rationally while going through the entire process.
Ask an expert
A famous quote by Warren Buffet, “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” The decision which you are about to make has likely been made in the past. It is always good to ask an expert. While the problems in hand may be unique to you but it is highly probable that someone else must have gone through the same problem. The advice here is not to copy the entire solution but to improvise according to your problem. Seeking expert advice can be a good way to deal with the problem in hand.
Question every step of the process
The technique of “why” can be a great way in decision making as well. Question every step in your decision making process, the answers to which can help you become sure of your decision in the long run. Use research reports, industry trends, and seek experts in your field while building your strategy. Collect all the relevant data and try to make an informed decision. Take constant feedback from the stakeholders as well as experts in the field.
Plan for doomsday
The final step to decision making is to note down the underlying risks of the decisions you make. In other words, plan for the doomsday. Give this process a bit of time to consider the absolute worst case scenarios. Ask yourself what exactly can go wrong in the decision you are making. Always have a backup plan to tackle such situations. No decision or solution to any problem could be 100 percent full proof. There would always be risks involved and taking these risks into consideration can be a good way of handling your decision making process.
– Prof. Angirasa Acharya