The point is that there is no one size fits all formula for all decision making; there are all sorts of decision-making styles depending on the decision maker’s cognitive ability, knowledge, insight, or personality.
Due to the complexity, ambiguity, and unpredictability of the digital business dynamic, it is not possible to make effective decisions via pure gut feelings or theoretic approach. Individually, the decision maker needs to leverage analytics and intuition, philosophy and methodology, principles and practices, substance and styles. Collectively, it is better having a mix of complementing mindsets, skills and decision-making styles in the room. People with different personalities approach decision making in a different way, decision-making style is also situational. Which style do you have to make decisions? And how to improve decision-making effectively?
Information-based decision-making: Decisions are based on information and generate information. Information and decision-making are intimately connected and interdependent, this is particularly true in the digital era. Though information as input to the decision-making does not absolutely determine the decision but allows the decision-maker to practice analytical thinking and exercise their judgment. More often than not, the decision-maker must have enough knowledge to make their decisions rich in information and significantly different from the available data. Information is the lifeblood of businesses, and decision makers are the information agents who can master information to capture not only just knowledge but business insight, well mixed with the right amount of guts in order to make effective decisions.
The point is that there is no one size fits all formula for all decision making; there are all sorts of decision-making styles depending on the decision maker’s cognitive ability, knowledge, insight, or personality. The businesses and the world become more complex, uncertain, so decision-making also becomes more complex, as the matter of fact, there are so many reasons decisions could be bad. Digital is the age of people, in complex operations and organizations, group dynamics leads to final results and performance, and collective wisdom provides the necessary inputs to make better decisions.
Decision Master Book Summary
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Decision Master Introduction
Decision Master Chapter 1 Decision Intelligence
Decision Master Chapter 2 Decision Principles
Decision Master Chapter 3 Digital Decision Styles
Decision Master Chapter 4 Decision Pitfalls
Decision Master Chapter 5 Decision Maturity