The most universal errors in decision making.
Some researchers have pinpointed some areas where managerial thinking needs to be re-assessed and where some common mistakes are made that affect the decision making process as well as the efficiency of the decision, and must be avoided some of the errors are:-
1. Indecisiveness: Decision-making is a very heavy responsibility.
The fear of its out come can make some people timid about making a decision. This timidity may result in taking a long time for making a decision and the opportunity may be lost. This trait is a perso*nality trait and must be looked into seriously. The managers must be confident as well as quick in deciding.
2. Postponing the decision until the last moment. This is quite a common practice and results in decision making under pressure of time which generally eliminates the possibility of thorough analysis of the problem which is time-consuming as well as the establishment and comparison of all alternatives.! Many students, who postpone studying until near their final examinations, usually do not do a good job at the exams. Even though some managers work better under time pressures, most often an adequate time period is required to look objectively at the problem and make an intelligent decision. Accordingly, a decision plan must be formulated; time limits must be set for information gathering, analysis and selection of a course of action.
3. A failure to isolate the root cause of the problem. It is a very common practice to cure the symptoms rather than the causes. For example, a headache may be a symptom of some deep-rooted emotional problem so that simply a medicine for the headache would not cure the problem. It is necessary to separate the symptoms and their causes. The success of the decision is dependent upon the correct definition of the problem.
4. A failure to assess the of informational sources. Very often, we take it for granted that the other person's opinions very reliable and trustworthy and we do not check for the accuracy of the information ourselves. Many times, the opinion of the other person is taken, so that if the decision fails to bring the desired results, the blame for the failure can be shifted to the person who had provided the information. However, this is a poor reflection on the manager's ability and integrity and the manager must be held responsible for the outcome of the decision. Accordingly, it is his moral duty to analytically judge the accuracy and reliability of the information that was provided.
5. The method for analyzing the information may not be the sound one. Since most decisions and especially the non-programmed ones have to be based upon a lot of information, angles and factors, the procedures to identify, isolate and select the useful information must be sound and dependable. Usually, it is not operationally feasible to objectively analyze more than five or six pieces of information at a time. Hence, a model must be built which incorporates and handles many variables in order to aid the decision makers. Also, it will be desirable to define the objectives, criteria and constraints as early in the decision making process as possible. This would assist in making the process more formal so that no conditions or alternatives would be overlooked. Also, following established procedures would eliminate the efforts of emotions which may cloud the process and rationality.
6. Do implement the decision and follow through. Making a decision is not the end of the process, but really a beginning. Implementation of the decision and the results obtained are the true barometer of the quality of the decision. Duties must be assigned, deadlines must be set, evaluation process must be established and any contingency plans prepared. The decision must be implemented whole-heartedly with full dedication in order to get the best positive results
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When you try, you risk failure. When you don’t try, you ensure it.
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