Sunday, January 26, 2020

A Set of Questions for Shaping Strategic Decision Making

Collectively, it is critical to gain multiple perspectives, close blind spots, optimize processes and develop best practices to improve decision maturity.

Making the right decision is both art and science. The effectiveness of strategic decision making directly impacts the long term business competency. It has to weigh in multiple factors and needs to search for profound business insight.

The internal factors which may influence decision processes include such as decision-making goals, decision situation, decision context, relevant knowledge, as well as the organizational capabilities and resources. The external factors which influence strategic decision-making include technology factors, political and legal conditions, competitions and consumer demands. Here is a set of questions for shaping strategic decision-making.

Which perspective should I consider? Which system should I consider? Perspective is looking at either heads or tails. The secret of making effective decisions lies in "imagining" a perspective of the whole coin as you aspire towards truth. There are process perspective and creative perspective, the multidimensional perspectives often come from the mind with the high level of cognitive maturity.  The perspective of being better is just opinion until pre-defined measures of success are applied to the decision process.

With multiple perspectives, you can always gain insight and empathy to see things from the other angle and make better decisions. A decision is arguably a choice between two or more options. The greater majority of these options are circumstantially provided. From a system perspective, decision-makers should be acutely aware of any experience in the context of interconnectivity and inter-relationships rather than standing alone, have a process-oriented perspective, seize the opportunity to take a fresh look at the decision-making processes, fix decision support process, in order to not just making faster but also better decisions.

Did I overlook, how to fix decision-making blind spots? Effective decision making needs to well blend both information and intuition; methodology and practice. How deep your understanding is based on the mindset, logic, knowledge, lenses, and the methodology you leverage to interpret things. High mature decision-makers need to ask themselves: Did I overlook? What perspective am I taking that might blind me to other things I could have distinguished otherwise. Decision-makers who are not cognoscente of what they can or cannot do will often make poor decisions.

The point is not about arguing who can make a faster decision but to understand the reason for the perception. To close decision-making blind spots, teams, especially with the heterogeneous group setting, work because they bring different perspectives and knowledge to the table. They help to balance out the biases from which the poor decisions are made. Leverage thinking Fast and Slow accordingly in order to make effective decisions. A wise person makes a mistake, however, he/she won’t repeat the same mistakes, and learn from it quickly for improving decision competency.

“What happens if? “” How would that affect decision-making?” “Do we agree this is the reality? WHY?” With blurred geographical, functional, and industrial borders, hyperconnectivity and interdependence, being open is the choice for making good decisions by asking open-ended questions such as “what if…” Digital evolution only exists in the open-cultural environment.

The hyper-connected business ecosystem can create insight and take advantage of all resources in a more open way for accelerating changes via decision right in a consistent manner. Making decisions in a timely manner requires resource awareness. Effective resource allocation and utilization is an important factor for timely decision making.

The human brain can be a magnificent synthesizer of disparate pieces of nebulous information for making sound judgments. An effective decision can be defined as an action you take that is logically consistent with the alternative you perceive, the information you get, and the preference you have. An argument opens a new perspective; changing perspective will change your mind. Collectively, it is critical to gain multiple perspectives, close blind spots, optimize processes and develop best practices to improve decision maturity.


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