Saturday, April 15, 2017

The Monthly “Decision Master” Book Tuning: Digital Decision-Making Dots Connection Apr. 2017

The purpose of human decision making is to frame the right questions and validate the assumptions.

Decision Masters refer to the digital leaders or professionals who can leverage multidimensional thought processes, information and intuition, take a step-wise scenario for making effective decisions consistently. Decision Masters also refer to the businesses or organizations that follow a set of well-defined principles, leverage fine-tuned decision processes, efficient information management system, decision frameworks, tools, and metrics to enable people across the organization making effective decisions collaboratively.

Digital Decision-Making Dot Connection

Performance Management vs. Decision Management? Enterprise performance management is about how the organization manages performance— STRATEGIC and OPERATIONAL plans, METRICS, day-to-day decisions structurally. Business decision management is how the organization leverage tools, systems, and people to weigh in varying factors for improving decision effectiveness across the organization. All companies have resource constraints, and that performance management, per definition, is “overhead.” This would imply that there exists a trade-off between the realization of value through formalizing and structuring performance management processes and practices and the attached costs. To strike the right balance between business effectiveness and efficiency, performance management and decision management are interdisciplinary management disciplines which need to go head-in-head in order to improve the overall organizational maturity?

Timing, Group and Decision Making? Decision making is perhaps one of the most important tasks for business leaders and managers, and there’re also many great debates upon this topic. From the old chestnut of "Isn't a gut reaction decision as good as a well-considered decision?”, to the timing concerns: do decisions get worse with time? Do they stale date? Would a cognitive reaction to not making a decision lessen the decision's importance to a person so that it no longer mattered? Is there any truth to the statement "ignore it and it will go away", and to the emergent concerns: individual or group, which way is better for making effective decisions in the face of today’s complexity and uncertainty?

Information vs. Decision Making? At today’s digital dynamic, information is abundant and even explosive, the business has become over-complex also hyper-connected, what’s the correlation between information and decision making. If data-decision pair works fine to advocate analytics based culture; as information is the processed data; and knowledge is processed information, how about the information-decision pair? It's not necessarily information, but the business insight leads to the right decision making. So how to measure information accuracy as well as decision-making effectiveness?

Problem vs. Decision? Problems generally initiate decisions but decisions aren't always due to a problem. You can have either without the other. A problem is a situation that needs to be solved. Decisions are not always made to solve a problem.

Analytics vs. Decision-Making: Analytics is the great methodology and tool enabling in making a better decision. However, there’s significant difference between analytics and decision-making. Analytics can give you the best answer to the right question. The purpose of human decision making is to frame the right questions and validate the assumptions.

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