Did you know there’s a science to good decision making?
Making organisational decisions has never been easy. And thanks to the unpredictability of the world around us, it’s gotten a lot harder to make the big calls – let alone get them right. But there is a way to near-guarantee every decision you make is faster, more effective and doesn’t throw up any unintended consequences.
You simply need to go to the root of the entire decision-making process:
- How do you make a good decision?
- How do you make the best decision?
- How do you make the best decision at the right time?
Only when you unpick these three questions can you be confident your organisation is running optimally. Let’s start with the first one.
How do you make a good decision?
Good decisions are informed decisions. But no matter how much you look at your data, probe your analytics tools and interrogate your employees, you’ll never get all the answers. You’ll always be stuck with ‘unknowns’, the most common culprit of bad decision-making. One solution is to leverage artificial intelligence (AI) and additional datasets to plug those gaps and gain a fuller understanding of what’s happening in your organisation. To make truly informed decisions, however, you should build a mathematical model of your systems, processes and frameworks to surface the cause and effect of your decisions. This will enable you to understand why things are happening.
How do you make the best decision?
When you’re presented with multiple options for one decision, each can have a vastly different outcome than the next. So, you end up mapping out all of the potential scenarios and their potential outcomes, and then have to weigh them up. The human brain can’t manage this. AI, on the other hand, can. With that mathematical model of your organisation, it can simulate thousands of different scenarios in seconds, allowing you to easily identify the optimal outcome.
How do you make the best decision at the right time?
These days, nearly every decision is time-critical. But what slows decision-making up is that we deliberate over each one equally; we assume they’re just as important as each other. And if you’re stuck with those pesky unknowns leaving gaps in your knowledge, it’s impossible to know decisions are reversible and irreversible. Only when you have all the relevant information and can simulate different scenarios can you determine which decisions can be done quickly and which require more consideration.
A mathematical model of your organisation, when twinned with the computing power of AI, can enable you to understand the full impact of every decision you make. This fresh approach to decision-making isn’t so new, however; it’s rooted in the centuries-old scientific method. To find out more about reinforcing your decision-making with the scientific method, download our latest article: ‘The science of good decision-making’.