Making decisions can be hard, especially if you're not sure what the right choice is. Here’s some simple but effective strategies for making decisions confidently and without regret.
Decision-making…it’s a crucial part of life. In many ways it’s something we’re NEVER not doing. And while a great many of the choices we make are done on the fly, with little to no thought - That’s definitely not the case for ALL, especially when the decision is complex, emotionally charged, or has significant consequences. In this blog, I’ll explore the challenges of decision-making, why they exist, and how we can use various tips, techniques, and models to make better decisions both personally and professionally. And as you can see I’ve also included some great video clips too…
Not only do we live in a world with an incredible amount of options, we’ve also got easy and immediate access to thousands and thousands of other peoples opinions and advice - So no wonder at times making decisions can be super challenging. You may have even found yourself falling into the trap of “the paralysis analysis,” where we spend SO much time analysing the wealth of information we have available to us, we never actually make a decision.
But it doesn’t stop there. Another challenge of decision-making is - bias. (Now I explore the theme of bias in another blog and podcast so feel free to check those out if you’re interested in even greater detail.) But what’s the big deal? Well your bias’s can actually play a significant role in influencing the decisions you make - Without you necessarily being aware. For example, if you’ve a bias towards a particular course of action, it could lead you to overlook other important information that contradicts that bias. I’ll bring it life with an example: You may be a person who strongly believes in alternative medicines or particular supplements for improved health - So given this belief, what may happen is, you’ll potentially find yourself only seeking out information that confirms that belief - It’s called “confirmation bias.” You may find yourself seeking positive testimonials and anecdotes while ignoring or dismissing contradictory evidence. Our bias’s can be tricky at times, we’re not always aware even have them. Now when it comes to decision making one way to ensure you’re not falling into this “confirmation bias” trap is to actively seek out information that contradicts your biases, this’ll help you make more balanced and objective decisions.
So let’s talk about “emotions” and their role in decision-making…It’s fair to say they can be huge!….Especially when we're facing a particularly difficult decision or have strong desires for something - Let’s not kid ourselves, emotions are powerful things that can lead to impulsive decisions and at times upon reflection, feelings of regret.
Think about it: Have you ever made a decision based purely on how you felt in the moment? Maybe you were feeling anxious, and so you decided to avoid making a choice altogether. Or perhaps you were super excited about something, and you made a snap decision without thinking it through properly. Sound familiar? We've all been there!
The thing is, when we're feeling strongly emotional, our ability to think logically can be impaired. We might overlook important information or make decisions that don't really make sense in the long run. Plus of course, decisions in the work place vs from a more personal perspective can have the potential to differ in terms of implication, should things not go to plan. Hence why it's so important to take a step back, acknowledge our emotions, and make a conscious effort to be objective and rational.
So, how can we overcome these challenges and make better more informed decisions?
One effective technique is to use decision-making models. Decision-making models can provide a more structured approach to evaluating the options available to us and in turn help us to choose the best course of action. To be honest there’s loads of models out there: Here’s a selection you may find helpful…..
Decision matrix: A decision matrix is a tool that helps evaluate and prioritise different options by comparing various criteria or factors that are important for a decision.
SWOT analysis: SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis helps evaluate the internal and external factors affecting a decision, which can be useful in developing a strategic plan.
Cost-benefit analysis: A cost-benefit analysis involves comparing the costs of a decision with the benefits it provides to determine if it is worthwhile.
Decision trees: A decision tree is a graphical representation of different options and their potential outcomes. It helps in visualising the decision-making process and identifying the best possible course of action.
Brainstorming: Brainstorming involves generating and sharing ideas in a group setting to identify potential solutions to a problem.
Pareto analysis: Pareto analysis is a technique used to identify the most significant factors that contribute to a problem or opportunity.
Force-field analysis: Force-field analysis is a technique used to identify and evaluate the forces for and against a particular decision or change.
Six thinking hats: Six thinking hats is a technique developed by Edward de Bono that involves looking at a problem or decision from six different perspectives to facilitate more creative and thorough thinking.
Mind mapping: Mind mapping involves creating a visual representation of different ideas and concepts related to a decision or problem.
Delphi method: The Delphi method is a structured approach to decision making that involves soliciting input and feedback from a group of experts or stakeholders over multiple rounds of questioning and analysis.
Game theory: Game theory is a mathematical approach to decision making that involves analyzing the interactions between different parties with conflicting interests.
Monte Carlo simulation: Monte Carlo simulation is a technique used to model the effects of uncertainty and risk in decision making by generating random outcomes based on probability distributions.
Analytic hierarchy process (AHP): AHP is a decision making technique that involves breaking down a decision into smaller parts, comparing different options for each part, and then synthesizing the results to make an overall decision.
Root cause analysis: Root cause analysis is a technique used to identify the underlying causes of a problem or issue to develop effective solutions.
Critical path analysis: Critical path analysis is a technique used in project management to identify the sequence of tasks that must be completed on time to ensure the project's success.
Six Sigma: Six Sigma is a quality control methodology that involves identifying and removing defects or errors in a process to improve its efficiency and effectiveness.
OK, so you’ve a list of tools now that you can tap into but I’d highly recommend playing around with a few, having used a number of these myself you’ll discover some are more useful than others.
Now of course when it comes to decision making there’s the obvious stuff…take your time, avoid rushing, gather all of the necessary information, carefully consider all of your options but don’t forget too, it can be helpful to seek the advice of others! Guess what, shock horror, they may have been through something similar and actually have valuable insights and perspectives to offer - So be mindful you’re pride or ego don’t unnecessarily complicate things for you.
In addition to these tips and techniques, it's also important to have a clear understanding of your goals and priorities. Knowing what you want to achieve can help you make better decisions, as you'll be able to focus on the options that will help you reach your goals.
Problem solving is an essential part of decision-making, as the two processes are closely related. When we face a problem, we need to make a decision about how to solve it. This often involves evaluating various options and choosing the one that is most likely to lead to a successful outcome.
Effective problem solving requires a number of skills, including analytical thinking, creative thinking, and the ability to break a problem down into smaller, more manageable pieces. It also involves the ability to identify the root cause of a problem, rather than just addressing the symptoms.
One key aspect of problem solving is the ability to generate multiple possible solutions to a problem. This is known as divergent thinking, and it involves coming up with as many ideas as possible without evaluating their feasibility or effectiveness. This can be a helpful technique for generating a wide range of options and can be especially useful when dealing with complex or open-ended problems.
Once we’ve generated a list of potential solutions, we can use convergent thinking to evaluate and choose the best one. This involves analyzing the pros and cons of each option and considering factors such as feasibility, cost, and potential risks and benefits.
Decision-making and problem solving often go hand in hand, as we need to make decisions about…how to solve problems! By using effective problem-solving techniques, we can identify and evaluate potential solutions and make informed decisions about which one is most likely to be successful.
This can be achieved through a combination of divergent and convergent thinking, generating a range of potential solutions and evaluating them to make informed decisions about how to solve problems, improve our decision-making skills and make better choices.
Here’s some examples of common decision-making challenges faced by managers in the workplace, along with strategies for dealing with them:
Too much information: A manager at a marketing firm is trying to decide which advertising campaign to pursue. There are many options to choose from, and the manager is having trouble sifting through all of the data. To overcome this challenge, the manager could use a decision-making model, such as a decision tree, to help structure their evaluation of the options. They could also seek the advice of others, such as the marketing team, to get different perspectives on the best course of action.
Bias: A manager at a technology company is trying to choose which new product to develop. The manager has a bias towards developing a particular product, but there is evidence that another product would be more successful. To minimize the influence of their bias, the manager could actively seek out information that contradicts their bias and consider a range of perspectives before making a decision.
Emotions: A manager at a retail store is trying to decide whether to terminate an employee who has been consistently underperforming. The manager is feeling anxious and upset about the situation, and is struggling to make a logical decision. To overcome this challenge, the manager could take a step back and consider the options objectively. They could also seek the advice of other managers or HR to get a more objective perspective on the situation.
Limited options: A manager at a manufacturing company is trying to find a solution to a problem with their production process. The manager feels like they don't have many options to choose from, and is struggling to make a decision. To overcome this challenge, the manager could use divergent thinking to generate as many potential solutions as possible. This could involve brainstorming sessions with the team or seeking the input of external experts.
Complex problems: A manager at a financial institution is trying to identify the root cause of a problem with their risk management process. The problem is complex and involves multiple departments and systems. To overcome this challenge, the manager could break the problem down into smaller, more manageable pieces and evaluate each piece separately. They could also seek the advice of experts in risk management to get additional perspective on the problem.
Time constraints: A manager at a healthcare organisation is trying to decide which new technology to invest in. The manager has a short timeline to make a decision, and is feeling pressure to choose quickly. To overcome this challenge, the manager could take the time to carefully consider their options, even if it means making a decision later than they had hoped. They could also seek the advice of others, such as the IT department, to get additional input on the best course of action.
Lack of resources: A manager at a non-profit organization is trying to decide which new programs to implement. The organization has limited resources, and the manager is struggling to make a decision. To overcome this challenge, the manager could be creative and think about alternative ways to overcome the resource constraints. They could also consider seeking additional resources or support from other organizations or donors.