Decision Making Tools and Techniques

Imagine you have suddenly been made a manager and you need to make a quick decision. As a manger, your decisions have a long-lasting impact on the organization and your team members. You have to choose between right and wrong, what to do and what not to do, etc. Different team members have different opinions and your decisions should cater to all the team members. Analyzing risk and considering limited resources before making a decision is one of your major functions. The right decision making tools and techniques can help you in realizing your corporate goals.

If the situation at hand is complicated, you have to opt for a realistic option. Therefore, you should use proper evaluation and judgment to arrive at the right decision. Choosing between two equally viable decisions is a common issue faced by managers. These are times when decision-making tools come handy.

Choosing

Decision-Matrix-Analysis

Decision Matrix Analysis – An In-depth Elucidation

Sometimes life presents you with situations where more than one good option is

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The Futures Wheel

Determine the Future Consequence with the Futures Wheel

When you are required to explore all the future changes for exploring it with full impact you will definitely need

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Closeup shot over 80/20 Rule words on paper

Getting Familiar with Pareto Analysis

If you are working in an office, an institution or any other department similar to them, the Head of the

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Print

Decision Tree Analysis – An In-depth Explanation

A situation might arise where you need to choose between several courses. Decision tree analysis is a method which helps

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Conjoint-Analysis

Conjoint Analysis – An Elucidation

Suppose you own a company and your company is about to launch a new product in the market or, maybe

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The Recognition-Primed Decision (RPD) Process – A Detailed Analysis

The Recognition-Primed Decision (RPD) Process – A Detailed Analysis

There are certain occupations which require you to make decision in critical situations.

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The Quantitative Strategic Planning Matrix

The Quantitative Strategic Planning Matrix (QSPM) – Comprehensive Study

For running an organization successfully the most important thing you need is a good strategy and the proper expenditure of

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Analytical Hierarchy Process – A Comprehensive Study

Analytical Hierarchy Process – A Comprehensive Study

Imagine a situation where you need to make choice in a complex, highly subjective scenario where there is more than

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Decision Process

Paired Comparison Analysis – A Close Look

Paired Comparison Analysis – A Close Look

It is very common in the corporate field or any other sector lying around the same line to come across

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The Vroom Yetton Jago Decision Model 9 february 2015

How Vroom-Yetten-Jago Decision Model Helps Meeting Business Objectives Easily

Nowadays, businesses require changing themselves as per the varying needs of customers. Before, delivering a product or service, it has

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The Kepner-Tregoe Matrix – An Approach towards Successful Decision-Making

The Kepner-Tregoe Matrix – An Approach towards Successful Decision-Making

In any business, the biggest challenge is making viable decisions. Difficulties increase when one has to make a spur of

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Choices of a businessman

OODA Loop – A Comprehensive Study

Wise and proper decision making can often prove to be the key to success. In order to stay on top

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Go/No-go decisions

tubes in the laboratory

Taking Smart Risks with Business Experiments

The managers can take steps for implementing various

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Force Field Analysis

Force Field Analysis and Its Implementation

In the year 1940, Kurt Lewin created the concept of Force field

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Pros Cons Scale Concept

Plus, Minus and Interesting – A Close Look

Any decision that is taken needs to be weighed in the end with the intention of finding out the pros

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Careful consideration

Go/No-Go Decisions – A Detailed Analysis

Ever faced a point in your company where you are pitched a great idea. You know what the idea is

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Getting to Know About Impact Analysis

Getting to Know About Impact Analysis

Impact analysis deals with understanding the total consequences of change and it is known by several different names, including solution

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explore your options

Gaining Knowledge about ‘What If” Analysis

“What If” analysis happens to be a creative process of brainstorming that is mainly used for identification of hazards along

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Risk underlined with red marker

Delving Deeper into Risk Analysis and Risk Management

One of the most common definitions of the term “risk” is that it happens to be the combination of a

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thumbnail

What is TELOS?

Ever come across an idea which sounds amazing? It’s a new project which you think will do wonders for your

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Make Better Decisions

Choose your way

Decision Making Under Uncertainty – An Analysis

Some experts opine that decision making is the technique of committing resources for an activity that is supposed to be

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Critical Thinking - A Study

Critical Thinking – A Study

Most of the times, people do not think about how they

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Cautious or Courageous – A Detailed Study

The decision a person takes has impact on everything she

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Avoiding Psychological Bias - A Study

Avoiding Psychological Bias in Decision Making – A Study

Sometimes, business owners launch products on the basis of their research, which prove that the product will do well if

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Avoiding Groupthink - A Study

Avoiding Groupthink – A Study

Sometimes there are teams in which team members hesitate to express their views because they think that they might end

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Monte Carlo Analysis - A Study

Monte Carlo Analysis – A Study

Business owners make a careful research of cash flow for their

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Optimize button on keyboard

Linear Programming – A Study

If a business owner has limited resources with her, she should try to make maximum use of

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decision making concept on blackboard

Reactive Decision Making – An Analysis

When people encounter danger they react in an impulsive way. In these situations, the best decisions are those that come

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Open Your Mind Concept

Six Thinking Hats – A Study

Six Thinking Hats is a useful way to look at decisions from many perspectives. The Six Thinking Hats helps a

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Delphi Method

Achieve Expert Consensus with the Help of Delphi Method

When you are a project manager in a company, you must have a responsibility to manage your future projects

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Business people planning

Critical Decisions Made Easy With Bain’s RAPID® Framework

Decision making process is very important in every organization irrespective of its size and

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Take A Team Decision With Multi-Voting

Take A Team Decision With Multi-Voting

Teams can use various brainstorming tools for solving various process related issues and can generate possible

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Organizing Team Decision Making - Creating Harmony for Better Decision

Organizing Team Decision Making – Creating Harmony for Better Decisions

We may take decisions in daily life which seem extremely easy but rest assured that so are defiantly not

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Understanding Blindspot Analysis

Understanding Blindspot Analysis

Ever had to face a scenario where you did everything right yet it somehow went wrong? The idea was flawless.

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The Stepladder Technique

Effective Group Decision Making with the Stepladder Technique

Group decisions can turn out to be challenging sometimes. You can end up in conflicts when the decisions are not

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The Ladder of Inference – A Close Look

The Ladder of Inference – A Close Look

Many a times we go on and read a situation in a different way from what it actually is, this

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Hartnett’s CODM Model

Developing Group Solutions with Hartnett’s CODM Model

You may have created a team for your next project but the team is not agreeing to a same consensus.

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As a manager, you may have to experiment with new ideas. Experimenting and facing challenges at the initial stage help you gain insight into the correct approach.

Tools4Management instructs aspiring corporate leaders to make useful decisions in the following ways.

The website presents effective decision making tools and techniques, so that you can rise up the career ladder successfully.

The Decision Matrix Analysis guides you to analyze existing options and choose the right option. The Pareto Analysis is a tool to find out which issue needs immediate attention and which does not. If you have to make a decision at the spur of the moment, you may feel nervous and end up making the wrong decision.

The Kepner Tregoe Matrix is another useful tool to counsel you in the decision-making process. However, at times, when you are at the edge of your wits, you may suddenly start making viable decisions. This is because human brain often reacts with efficiency at the time of crisis.

Sometimes, you have to make decisions depending on the way your team members are responding and that caters to your organizational goals. You should assess the forces which negate and which support your decisions and change them as per the need of the hour.

Tools4Management offers effective decision making tools and techniques. It is an ideal place to increase your knowledge on decision-making process. You can subscribe to our free newsletters and join our club to read our articles without any restrictions. We promise you a successful career ahead.