Articles on Decision Making
Decisions are taken to support organizational growth. Discussions and consultations are two main tools that support and eventually bring out decisions.
Decision-making is an integral part of modern management. Decision Making process can be regarded as check and balance system that keeps the organisation growing both in vertical and linear directions
This article deals with decision making in an organizational context where the managers at all levels and the CEO and vice presidents at the top of the ladder have to make decisions regarding each and every aspect of the organization.
Individuals have a tendency to think and question before performing. This article disusses few pros and cons of individual decision making.
Corporate decision making takes place at many levels of the organizations in form of - Top Down or Bottom Up Approach. Lets discuss the process of corporate decision making in detail.
OODA Loop or the Observe-Orient-Decide-Act Loop is an important concept in decision making. The concept was proposed by the military strategist and member of the United States Air Force, Colonel John Boyd.
This article looks at the OODA loop in greater detail and examines the implications for decision making in organizations in the real life context.
Many companies have layers of hierarchy where decisions are made at the top level and passed down to lower levels. Lets understand how much does hierarchy matters in the decision making process.
In this article, we discuss whether top down decision making or bottom up decision making is effective.
Self-Directed teams exists in all organizations where the managers of these teams have greater freedom. Decision making in self-directed teams must be encouraged without ceding complete control over the larger areas of policy and strategy.
Conflicts in organizations are inevitable when decisions are taken and the best way to deal with conflicts is to resolve them to the satisfaction of the aggrieved parties.
Decision making need not necessarily be a zero sum game where one party benefits at the expense of the other. Lets understand the concept of decision making and the zero sum game in detail.
Decision making process requires thinking process, time, efforts, resources and also a little bit of knowledge and past experiences. Lets discuss the steps involved in the decision making process.
Curious observation is the first step in the decision making process. With these two things: curiosity and observation i.e. curious observation you can make your decision process easy and also effective.
Today Managers are confronted with uncertainty and ambiguity. To overcome this, use of scenario based decision-making is recommended - where the managers draw up possible scenarios that the company might face in the short term, medium term, and longer term.
The business world is not what it used to be a few decades ago. With increasing complexity and rapidity of change, it is becoming extremely difficult for decision makers to plan for the longer term and respond to the immediate term events and trends. This article gives a 30,000-foot view of some of the dilemmas that decision makers face when they attempt to control the future and be certain about a business landscape that is overly uncertain.
Lets discuss the key dilemma facing managers in todays time when economic conditions are gloomy. The article emphasizes on organozational growth during the time of crisis.
Business Decision makers have to grapple with complexity, reduced decision making time, increasing integration and interconnection, and ensuring that downtimes are minimal when faced with disruptions. This article examines the imperatives of designing failsafe systems and the challenges before the business decision makers. Some real world best practices are also discussed to provide context and apply theory to practice.
This article discusses the VUCA or the Volatility, Uncertainty, Complexity, and Ambiguity paradigm that presents itself to decision makers in the contemporary business landscape. The key themes in this article are that the business leaders of today confront a radically altered and unfamiliar terrain, which they must navigate with vision and a sense of purpose.
This article discusses the ways and means to actualize successful decision making in a confusing world. The key themes in this article are that business leaders must take inputs from a wide variety of sources, trust ones judgment, cross check facts, and defer the decision-making without delaying it when confronted with a dilemma. The strategies to actualize decision-making are thus based on the latest research in behavioral science.
In recent days, the announcement that the Energy Giant, Suzlon, has defaulted on its convertible debt has sent shockwaves through the investment and financial community. In this article, we examine this trend by discussing the genesis of the problem, the implications for the companies and the creditors, and the effect such defaults would have on the overall economy and business confidence.
Increasingly, culture is driving strategy of both global and domestic firms. While this might seem that globalization is retreating, this article argues that as long as one takes the Glocal approach and thinks global and acts local, globalization can very well accommodate and absorb this latest chapter. On the other hand, culture is the glue that holds nations and firms together and hence, there is nothing wrong with it driving strategy.
Figures about employment statistics are very important if one has to base business decisions on them. In this context, reading, understanding, and interpreting employment figures should be done after due diligence and careful analysis. Apart from this, the fact that there are several categories in the employment statistics needs to be kept in mind. Lastly, the Freelance Economy requires a different approach to capture freelancers in the employment statistics.
In this tightly integrated and interconnected world, events in one part of the globe reverberate in their impact on other parts of the world. Thus, business decision makers would be well advised to follow geopolitical events and the ebb and flow of international events so that they can make better and informed decisions. Also, subscribing to think tanks and advisory and consulting firms would be a good idea as well. After all, forewarned is forearmed and hence, make informed decisions with knowledge and the right set of tools.
The need for taking decisions based on instant gratification means that consequences are not thought through. In our 24/7 Breakneck world, the temptation to take quick decisions can backfire. Thus, business and political leaders need to be aware of the blowbacks from their decisions. This article examines these themes and outlines some suggestions that aspiring and working professionals can follow.
All of us understand risk at a personal and collective level as far as our everyday lives are concerned. But how many would know that when firms operate in multiple regions and countries, they face risks that are uniquely local, uniformly global, as well as risks from volatility and uncertainty. Thus, this article explains the various risks that global corporations face by taking the terms Black Swan and White Knights as the underlying themes wherein the former relates to the unknown risks and the latter relates to the actions that can save the day for global corporations.
Most of us would have relied on technology to make better decisions related to our careers, our lives, and even shopping. At a business decision making level, technology eliminates the need for time consuming and inefficient data collection. At a governmental level, it enables bureaucrats and ministers to adopt Real Time Dashboards and Smart Governance Initiatives. Having said that, the dream of a fully Digital Economy can only be realized when the barriers to information are eliminated and the access to such information is not biased according to cultural norms.
This article discusses the importance of purely local responses to situations that arise for corporates and individuals. It examines how current thinking by experts stresses on global expertise and local experience combining to actualize responses to crises. The article also explains the OODA (Observation, Orientation, Decision, and Action) loop that is favored by the Pentagon to direct its soldiers in highly stressful and hostile situations in foreign combat zones.
While using technology for business decision making is indeed revolutionary, there are some downsides to it. This article argues that it is better to use machines and software along with the Human Element and the Human Touch to avoid the pitfalls of relying excessively on technology. Using examples from the business and military worlds including the case of a Russian Colonel who saved the World using his Gut Feel, we make the case for a balance between technology and human aspects in business decision making.
Technology driven decision making has its advantages and disadvantages. The promise of Speed and Time in high pressure situations where machines perform better than humans should not blind us to the perils of adverse societal outcomes. The key argument made in this article is that we neither need a Digital Utopia where humans are not needed nor a Dark Age, where the same outcome manifests. Therefore, we need to strike a balance between man and machine before it is too late. This article examines these themes with examples from recent research into such trends.
This article argues that modern decision makers must have the sagacity of Zen Monks and the Alacrity of Elite Marines as they respond to the Present Shock and the Information Overload of the Digital Age. Using the theory of the OODA Loop and the VUCA Model, we make the case for corporates and business schools to prepare the present and future decision makers for the Post Pandemic Age.
Authorship/Referencing - About the Author(s)
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