Tuesday, September 6, 2016

The Monthly Decision Making Insight: Multidimensional Thought Processes in Decision Making Sep. 2016

Decision making is the arena across the art and science; gut feeling and analysis, confidence and humility.

Making a decision is one of the significant tasks for business leadership, however, the high ratio of strategic decisions have been made poorly and cause the catastrophic effect. What are multidimensional thought processes in making effective decisions both strategically and tactically?

What’s the Magic Formula to Make the Right Decision? Having all the facts to make the best decision is a utopia we would all like. But as the saying goes, if you don't move fast enough, someone may eat your lunch. Technically, how shall you weigh in the data and gut feeling to make the effective decision at the right time??

How to Apply Critical Thinking to Ask Good Questions? Critical Thinking is the rational analysis (often with creativity embedded in it) and evaluation of the issues in order to make a fair judgment. There is only a very small fraction of true Critical Thinkers who can always dig through the root causes of problems. How to debunk the myth of Critical Thinking, and  how to apply Critical Thinking to ask good questions for either problems-solving or making sound judgment and effective decisions timely?

Analytics-based Decision Science? Although decision making is both art and science; intuition and analysis, thinking fast and thinking slow. Due to the complexity and interdependence of digital nature, decision-making becomes more science than art, the whole purpose of analytics is to make better decisions based on data, big or small; wide or narrow; you can call it with any name like decision theory, science, and technology. The point is, how can it optimize decision-making scenario and improve decision effectiveness??

Decision-Making in Digital Way? One significant effect of digitization is increased velocity, complexity, unpredictability, and a need for a faster response to changes in business and industry based on effective and efficient decision making. How is that possible? What’s the digital way to make the right decision? And how to avoid the pitfalls to make bad decisions?

Decision Wisdom? The majority of leaders and professional spend a significant amount of time on making large or small decisions in the work and life. It takes wisdom, not just the intelligence to make effective decisions. There is fuzziness in the decisions because there is fuzziness in conflicting criteria. At the Digital Era, making data-based decisions means to leverage analytical thinking, advanced analytic tools, the human’s intuition, and add the “wisdom’ in the decision process to improve the overall effectiveness of decision making.

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