A successful decision will still produce positive results; success; while a poor decision will produce disappointment. It is important to weigh both options before making a decision. Although there are several decision-making resources available, it is critical to choose one that takes the majority of variables into account. A good tool should be capable of analyzing decisions, assessing risks, and reducing uncertainty.
The decision trees are one of the methods that take these three into account. (Brooks 2014) Defines decision trees as flowcharts, graphs, and diagrams that aid in the discovery of all possible decision choices and their potential outcomes. According to Lake (2012), a decision tree aids in thoroughly evaluating all alternatives. A decision tool supports improved decision making because each tree provides an overview of multiple stages that follows each decision. They are easy to understand and interpret, and when small details that may have been missed are put into consideration.
Grind analysis or decision matrix is another decision tools that involves many factors. In this tool a grind is created with options and factors on either axis. Letchfield (2010) discuss that the factor are the outcomes anticipated for while options are that alternatives. It analyzes on the decisions and the risks. Grind analysis supports improved decision making as it provides the decision maker with a vibrant indication on the significance level of each of the criterion in relation to the options. (Letchfield, 2010). It has a visual representation that compares both options and puts a track on their progress against each other. The emergency medical services department in national fire academy used a good example of a decision matrix.
A third decision tools that incorporates decision analysis and risk analysis is the six thinking hats. This is a tool that was created by Dr. Edward De Bono. Six thinking hats (STH) give the decision maker an opportunity to view decisions from different perspectives. It allows decision makers to approach a situation and explore the likely weaknesses and risks. According to Dymer (2014) the decision making tool is labeled as a strategic planning. Tactical planning is important in the business acumen.
This tool supports improved decision-making as it provides a detailed and cohesive way of thinking. Lake (2012) understands that the tool aids in the approach of decisions from a variety of angles. Leitchfield (2010) suggests that the decision making tools sets logic, critic, emotions and objectivity on one table and tries to find balance. United Kingdom civil service, the United Kingdom innovation sector in the year 2005 where it produced immense success, has employed this model.
An example of cognitive mapping using grind analysis is as follows; a cognitive map allows to having a clear output on the decision process. It makes it easy to track and identify where a problem is likely to occur. It aids in identifying the small details that are likely to be left out. There are different designs depending on a decision maker choice.
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AVOIDING NEW DAMAGESS
Brooks, C. (2014). Decision making techniques and tools. Business Daily.
Dymer, C., (2014). Six hats to manage your next meeting successful meetings, 53(9), 30-31.
Lake, N. (2012). The strategy planning workbook (3rd Ed.). Philadelphia, PA: Kogan publishers
Letchfield, T. H. (2010). Strategy and business planning. Philadelphia, PA: Kingsley publishers.