Strategic Decision Making - Part 1
How often have you worried that your important decisions might go wrong? How many times have you spent a considerable amount of time and money, putting together the Data and Analysis needed for arriving at an important decision, but still were not clear if you arrived at the correct decision?
There is no silver bullet, but there of-course are proven scientific methods that will help you reduce the uncertainties in your evaluation process, minimize over all effort and improve the accuracy of your Important short and long term decisions.
One of the approaches we follow when helping our clients in this critical area, involves 4 iterative stages, in between, the Problems / Opportunities and arriving at the Strategic Decisions.
1. Structuring the Decision Problem
2. Defining Objectives & Preferences
3. Identifying Uncertainties & Risks
4. Creating Options
What is missing here in these 4 steps, is that they cannot be defined, evaluated and refined randomly.
There is an absolute need for articulating the Ultimate and Fundamental Objectives that will create the framework necessary for improving the accuracy of the decisions. We will take a brief look into these in our next (Part 2) blog.
To know more about how our team of experts can help you and your teams learn and deploy this and other scientific methods into your Organization's Strategic Decision Making cycles, please send us an email at email@example.com .