Wednesday, April 27, 2016

"Digital Valley" Tuning III: Three Questions to Assess a Person’s Decision Wisdom

A “ decisive mindset,“ with decision wisdom is information-savvy, knowledge-empowered, insightful, intuitive, philosophical, and methodological.
The business world has become over-complex than ever, making decision right is both art and science. The majority of leaders and professionals spend a significant amount of time on making large or small decisions in the work and life. The biggest mistake some people make is limiting the definition of "decision making" to the decision itself. Decision-making is not an event, but a process, capability, and it takes wisdom to make sound judgment and effective decisions. Decision making is an art only until the person understands the science, and build the solid decision intelligence. Which questions should you ask to assess a person’s decision wisdom?

Is decision maker Information savvy, also knowledgeable and insightful? Information and decision-making are intimately connected and interdependent. Information applies to the context and environment in which decisions are made. While information is an ingredient of knowledge; but in order to interpret information; you need knowledge. The information allows you to build an actionable insight as how to move from one level to the other. It applies to the context and environment in which decisions are made. For decision-making to be effective, the decision-maker must have sufficient knowledge to make their decisions. If you look at the information life-cycle, any decision-makers as information agents are key in converting and processing data into information and knowledge as well as consuming that information in their decision-making. Information is gold, and knowledge is power. In the human context, information drives awareness, which can include all of these characteristics, uncertainty, surprise, difficulty and entropy, although it can also trigger a sense of confidence, confirmation, validation, verification. The mind equipped with updated information and sufficient knowledge can have better chance to make effective decisions.

Can you frame the right questions in the process of decision-making? Inappropriate farming is being the root cause of most bad decisions. It’s also due to the lack of inquisitive minds. People need to ask questions, not only ask self, but also ask around, to discover not just one answer, but multiple answers to help decision maker understand issues from different angles. Asking managers "What decisions do you make?" But rephrasing the question, try asking them what steps in the process they have to approve, or how they decide which product to invent, support or market. Ask them how they choose their vendors. Ask them what was a difficult decision in the past. Keep mixing up the questions until you get one that seems to "trigger" the kind of answer you're looking for. At the digital Era, making data-based decisions means to leverage analytical thinking, intuition, and add the wisdom in the decision process to improve the overall effectiveness of decision making. The thinking approach being used is informed at some level on subjective, intuitive sources of information, but it is calibrated and employed in the structured guiding process that gets everyone to slow down and think through the implications of their intuitive, subjective assumptions. Decision wisdom is about making a sound judgment vis inquisitiveness, informativeness, and intelligence.

Do you have Paradoxical Intelligence to weigh varying factors in making fair decisions
Decision-making is an ability that is learned or unlearned and can swing both ways (making decisions or avoiding) depending mostly on upbringing and cultural circumstances. The paradox of decision is that sometimes you have to sacrifice to save and sometimes you have to disable one thing to enable another. Often challenges are: When the options are too close to each other in similarity. The outcome of each option is either unclear or undesirable. The circumstances leave no visible options. The decision making is situational. The process of decision making may differ in a different situation. The decision maker with high paradoxical intelligence can leverage pros and cons, balance the opposite viewpoints in making more thoughtful decisions to dealing with uncertainty and ambiguity.

The biggest challenge is knowing what you don’t know, it is a reasonable moniker for decision-making blind spots and biases. Good judgment is a must for good decisions. Some consider decision making is a skill, others think it’s a leadership quality. Either way, it starts with such a “ decisive mindset,“ with decision wisdom: information-empowered, analytics oriented, intuitive, philosophical and methodological.


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