Tag: decision making

Take Decision Fast or Right ?

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The biggest Question you might be thinking many times. Sometimes this is very crucial for you to decide right or fast. Let’s see which one you should choose. You will read today

  1. What is Decision?
  2. Process of Decision making?
  3. Pros and cons of right decision and fast decision.
  4. Conclusion.

WHAT IS DECISION?

Let’s see what google define decision as,” a conclusion or resolution reached after consideration. ” One thing to be noticed is which is clearly written “After consideration”. So, decision is something which you take after considering all the factors.

Example of a Decision to know better: I will buy a new phone(which i bought recently, lol). So this is my decision that i will buy a new phone.

Let,s see PROCESS OF DECISION MAKING

” the action or process of making important decisions. ” is decision making. Following is the process of decision making:

Step 1: Identify the decision

You realize that you need to make a decision. Try to clearly define the nature of the decision you must make. This first step is very important.

Step 2: Gather relevant information

Collect some pertinent information before you make your decision: what information is needed, the best sources of information, and how to get it. This step involves both internal and external “work.” Some information is internal: you’ll seek it through a process of self-assessment. Other information is external: you’ll find it online, in books, from other people, and from other sources.

Step 3: Identify the alternatives

As you collect information, you will probably identify several possible paths of action, or alternatives. You can also use your imagination and additional information to construct new alternatives. In this step, you will list all possible and desirable alternatives.

Step 4: Weigh the evidence

Draw on your information and emotions to imagine what it would be like if you carried out each of the alternatives to the end. Evaluate whether the need identified in Step 1 would be met or resolved through the use of each alternative. As you go through this difficult internal process, you’ll begin to favor certain alternatives: those that seem to have a higher potential for reaching your goal. Finally, place the alternatives in a priority order, based upon your own value system.

Step 5: Choose among alternatives

Once you have weighed all the evidence, you are ready to select the alternative that seems to be best one for you. You may even choose a combination of alternatives. Your choice in Step 5 may very likely be the same or similar to the alternative you placed at the top of your list at the end of Step 4.

Step 6: Take action

You’re now ready to take some positive action by beginning to implement the alternative you chose in Step 5.

Step 7: Review your decision & its consequences

In this final step, consider the results of your decision and evaluate whether or not it has resolved the need you identified in Step 1. If the decision has not met the identified need, you may want to repeat certain steps of the process to make a new decision. For example, you might want to gather more detailed or somewhat different information or explore additional alternatives.

Source: https://www.umassd.edu/fycm/decision-making/process/

Hope you got a good idea about decision and decision making so let’s see what we are supposed to find today Fast or Right.

FAST DECISION VS RIGHT DECISION

BIGGEST Merits of Fast decision:

  1. Time can be saved.
  2. More productivity

BIGGEST drawback of Fast decision:

  1. It can Lead to wrong decision
  2. Due to wrong decision productivity of work will go down to minus.

BIGGEST Merits of Right Decision:

  1. More productivity.
  2. More profit due to right decision and eliminating all the risks.

BIGGEST drawback of Right Decision:

  1. Time taking
  2. Require more cost on research.(in business)

So with this small/contradictory comparison you might got your answer. If not let me conclude:

CONCLUSION:

It totally depends on scenario/condition you are in. Both are good and you can take both Quick an right decision through more experience or luck. So i Conclude this as you need best experience and knowledge in the field you are to take right and fast decisions. But in Dynamic environment/life you can’t be 100% sure always.

Hope you now Understood and know what you wanted to know and this will help you in life.

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