Wise and proper decision making can often prove to be the key to success. In order to stay on top of the food chain, you should always stay one step ahead of your competitors. Your decision making should be flexible and instantaneous, so that you are always prepared no matter what they do. With recent development in information technology around the globe, your strategies should be updated and revised to keep pace with the fast-changing business environment. Now, decision making is not a random process, but requires lot of planning keeping in mind a wide variety of aspects. Furthermore, there is lot you can learn from the wrong decisions you took, so that you do not repeat the same mistakes.
There are a whole lot of methods for easy decision making, some simple and some very complex. Depending upon the kind of decision you are about to make, a suitable method is chosen. Moreover, decision making is best done when in a group than on an individual level. In this article, we will discuss one of the most famous decision making methods used extensively by the Military and for business, the OODA Loop.
OODA Loop - Definition
The OODA loop model is basically a four-point decision making loop that helps in making easy, effective and proactive decisions.