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Showing posts with label Decision Making. Show all posts
Showing posts with label Decision Making. Show all posts

Introduction to Decision Making Techniques

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All of us have to make decisions every day. Some decisions are relatively straightforward and simple: Is this report ready to send to my boss now? Others are quite complex: Which of these candidates should I select for the job?

Simple decisions usually need a simple decision-making process. But difficult decisions typically involve issues like these:
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Pareto Analysis

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Choosing the Most Important Changes to Make

Pareto analysis is a very simple technique that helps you to choose the most effective changes to make.
It uses the Pareto principle – the idea that by doing 20% of work you can generate 80% of the advantage of doing the entire job*. Pareto analysis is a formal technique for finding the changes that will give the biggest benefits. It is useful where many possible courses of action are competing for your attention.
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Paired Comparison Analysis

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Working Out the Relative Importance of Different Options

Paired Comparison Analysis helps you to work out the importance of a number of options relative to each other. It is particularly useful where you do not have objective data to base this on. 

This makes it easy to choose the most important problem to solve, or select the solution that will give you the greatest advantage. Paired Comparison Analysis helps you to set priorities where there are conflicting demands on your resources.
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Grid Analysis

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Making a Choice Where
Many Factors Must Be Considered

Grid Analysis (also known as Decision Matrix Analysis, Pugh Matrix Analysis or MAUT, which stands for Multi-Attribute Utility Theory) is a useful technique to use for making a decision.
It is particularly powerful where you have a number of good alternatives to choose from, and many different factors to take into account. This makes it a great technique to use in almost any important decision where there isn't a clear and obvious preferred option.
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Plus, Minus, Interesting (PMI)

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Weighing the Pros and Cons of a Decision

PMI stands for 'Plus/Minus/Interesting'. It is a valuable improvement to the 'weighing pros and cons' technique used for centuries.

PMI is an important Decision Making tool: the mind tools used so far in this section have focused on selecting a course of action from a range of options. Before you move straight to action on this course of action, it is important to check that it is going to improve the situation (it may actually be best to do nothing!) PMI is a useful tool for doing this.
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Force Field Analysis

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Understanding the Pressures For and
Against Change

Force Field Analysis is a useful technique for looking at all the forces for and against a decision. In effect, it is a specialized method of weighing pros and cons.

By carrying out the analysis you can plan to strengthen the forces supporting a decision, and reduce the impact of opposition to it.
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Six Thinking Hats

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Looking at a Decision from All Points of View
"Six Thinking Hats" is a powerful technique that helps you look at important decisions from a number of different perspectives. It helps you make better decisions by pushing you to move outside your habitual ways of thinking. As such, it helps you understand the full complexity of a decision, and spot issues and opportunities which you might otherwise not notice.
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Starbursting

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Understanding new ideas by brainstorming questions

When a colleague suggests a new product or idea, and you're trying to understand it and how it works, a typical response is to bombard the other person with questions. What features would it have? How much would it cost? Where would we market it? Who would buy it? And so on.
Asking questions like these is a valuable way of understanding the new idea, and of challenging it to ensure that all of the relevant aspects of it have been considered before any work begins on implementing it. To get the most out of this approach, it's important that the questions are asked in a systematic and comprehensive way. 
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Stepladder Technique

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Making Better Group Decisions

Making decisions within a group can often be challenging. When things go well, they can go very well. However, when things go wrong, you can end up mired in conflict. Some people may fight for recognition and position, others may be over-critical or disruptive, while others may sit quietly and not contribute anything to the overall effort. Because of this, groups can often spin out of control and make worse decisions than individuals working on their own.
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Cost/Benefit Analysis

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Evaluating Quantitatively Whether to Follow a Course of Action

You may have been intensely creative in generating solutions to a problem, and rigorous in your selection of the best one available. However, this solution may still not be worth implementing, as you may invest a lot of time and money in solving a problem that is not worthy of this effort.
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Cash Flow Forecasting

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Forecasting the Viability of a Financial Decision

Cash Flow forecasts help you to build a model of the way in which cash moves within a project or organization. They help you to predict whether the sales or income you forecast will cover the costs of operation. They also allow you to analyze whether a project will be sufficiently profitable to justify the effort put into it.

Cash flow forecasts can also be useful for analyzing your own personal finances. This is useful when you are about to make difficult financial decisions.
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Decision Tree Analysis

Posted on 21:01 No Comments
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Choosing Between Options
by Projecting Likely Outcomes

Decision Trees are useful tools for helping you to choose between several courses of action.
They provide a highly effective structure within which you can explore options, and investigate the possible outcomes of choosing those options. They also help you to form a balanced picture of the risks and rewards associated with each possible course of action.
This makes them particularly useful for choosing between different strategies, projects or investment opportunities, particularly when your resources are limited.
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