- April 21, 2018
- Puneet Kaushal
Wise Businessman Makes Wise Decisions.
Decision-making is a process of evaluating all the factors on all available options, weighing the Pros & Cons & confirming the most suitable option over the others.
A Five-Step Decision-Making Process Explained
1. Problem Identification: – We need to first identify the problem, analyze it’s nature & deliver an appropriate remedial solution.
2. Problem Analysis: – Once the problem is analyzed & remedial measures taken, certain appropriate countermeasures will also have to be taken after a careful study for smoother operations.
3. Developing Alternative Solution: – An innovative thought-process with a blend of user-friendly creativity is the need of the hour. All aspects of the problems need to be considered, to find a long-term solution.
4. Evaluating Each Alternative: – A SWOT analysis which can help in the rise in Sales figures & Profits need to be done.
5. Make Decision: – After considering all options, the best-possible option should be chosen but others should be held for future consideration.
Failure of the chosen option can be replaced by any other option in line. Options should be carefully evaluated as it will have to be redone, in case of failure.
Conclusion: – The correct strategy at the right time & place will be critical as your future targets will depend upon the successful execution & results of your decisions