How do you minimize decision-making risks?

#PLANTHEPLAN What exactly are you/the organization wanting to achieve in support of larger goals objectives??? If that cannot be answered, then stop and check yourself... Avoid doing change for the sake of change, to look relevant, and/or to act like something needs to be fixed.

Know you company goals and be well informed before making any decision. All companies are driven by The Vision and The Mission, keeping an eye to these one will always make the right decision.

In making a decision. It's quite essential as earlier stated to be SMART. This sometimes involves taking some calculated risk and doing things out of courage and in the end it's either you learn from it to be better or you win from it to be stronger.

Making decisions are not always about only action, achievements. or results. Sometimes its also the journey. The learning, insights and experience gained. It's less about doing and more about being on the way to the destination.

In my experience, we take decisions every day and not every decision has the same impact on us, collegues, clients or the organization. We have to use tools like SMART and OKR but we also have to keep in mind that not taking a decision it's a decision itself. So try to understand the possible impact of your decision, then go ahead by assuming the risk of the action and try to correct it along the way if needed.

Just as a seasoned chef understands the importance of using high-quality ingredients for a successful dish, so too is the gathering of accurate & relevant data critical for effective decision-making. Today, machine learning algorithms are often used to inform all kinds of decisions - strategic, tactical or operational. These algorithms are only as good as the data you feed them - as the saying goes, Garbage In, Garbage Out (GIGO). Before investing in decision support systems or machine learning algorithms, double down on getting the right quality data.

Yes, and also in practical terms, this is the benefit of having either a coach and/or an advisor. You'll often need an outside view to help you understand when your being biased, or suffering from analysis paralysis and so on.

There are times where one need to do quick decision. Always be positive and responsible for the outcome of your decision. If you keep an eye to the vision and mission of the company one will always make right decision.

Informations and datas are crucial to any decision, but sometimes we seek for guaranteees that datas don't give us. Use your expertise, analyze the datas but don't forget the context (datas without context are nothing) and try to free up your mind from biases.

Not all data is equal, and sources vary in quality. Look closely at where your information comes from. Focus on the data that directly relates to what you're trying to achieve, and prioritize the most important sources. This way, you make choices based on the most relevant information, increasing your chances of success.

One of the pitfalls to watch out for is confirmation bias. As part of industrial organisation, often when there is a decision which can have significant consequences, you may listen to only information which reaffirms your biases. It’s important to ensure widening the top of the funnel in persons of understanding the expanse of alternatives. Only upon ascertaining a robust enough consequence should you pin down your decision

There may be multiple alternatives leading to your goal; consider the cost of unintended consequences for each. Simulating the impact on the environment in which you make the decision, two steps down the road for each alternative, can help minimize risks.

“Our irrational behaviors are neither random nor senseless,” said Dan Ariely, author of Predictably Irrational. “We make mistakes systematically and predictably because that’s how our brains are wired.” To begin tackling biases, we must first identify and acknowledge them. Decision-makers who can recognize their own biases and are humble enough to admit the risk will be in a much better position to tackle them.

Unfortunately, today's attempts to fight biases often result in counter-biases, with cultural wars muddling clear decision-making. The most effective approach is to see the situation from multiple angles, including those who disagree with you. Ignore the popular narratives and focus on the facts and the real forces that influence the situation. A causal graph can help with this, showing how different elements are connected. By identifying the true impact factors, you get a clear understanding without needing to rely on a biased narrative.

The first step to untangling your cognitive biases is to be aware of them. Get to know your biases. From my experience, you can boost your decision-making abilities by leveraging mindfulness. Be present in the moment and pay careful attention to your thoughts and feelings without judgment.

Seeking advise and learning from the experience of others is a good idea, but “decision by commitee” doesn’t always work either. Sometimes you just have to take the risk.

It’s imperative to not surround yourself with “yes” people: individuals who mindlessly agree with whatever you suggest. Yes people can lead to poor decisions. Rather, employing the insight of different perspectives can be helpful in considering facets of a decision not previously considered. I’ve always found it helpful to seek out the thoughts of those who may be most affected by my decisions and ask them their thoughts. A lot of times, these inputs have the biggest impact on my final decision.

as I have always told my team after we have the greatest of plans ever planned...."ok, now break it...find the hole/gaps"....better for you and the team to do that and be honest than to waste time, effort, energy, resources, and brain power on something which will be knocked out by the first challenge question...

As a Leader, you always have to work hard in order to build up a trust environment in which people feel free to come forward and speak their minds. Active listening should be the first step to create a safe workplace where nobody feels threatened by judgment.

Seeking different perspectives and soliciting feedback can help us identify potential blind spots. But it can also be helpful to consider opposite views. Play the devil's advocate! Trying to understand an issue from both sides can make you a stronger critical thinker.

Incorporating a systematic approach to review and learning from decisions is essential for continuous improvement and skill enhancement. It enables individuals and organizations to adapt to changing circumstances, make more effective choices, and navigate future challenges with greater confidence.

In business, many times with the uncertainty of the landscape, making certain decisions involves risk. The results of those risks can possibly damage an organization. At the same time, taking those risks can increase value within an organization and further its competitive advantage. The key is to manage those risks so you can minimize potential organizational damage. Effective process steps include: understanding the risks and potential results; having a risk management plan; obtaining input from all departments; elevating employee training; understanding internal biases; seeking outside opinions; promoting openness and acceptance of opinions so all voices are heard; and most of all, not being afraid to pivot and change direction.

You have to love the AI brain. Decision-making is not so technical. Honestly, write a pros and cons list if you are a visual person. Be thoughtful in your evaluation. Go a step further and reach out to someone you trust and ask them to look at your list (or just talk) and discuss your challenges with you. You will amazingly make the right decision, even if it was the wrong one. The lesson here is that we learn and grow from our mistakes. Fail forward my friend!

I learned from some great folks.... "what are you trying to do???" Ask,"what is the purpose, function, role?" so often IMHAOWO people/groups cannot answer the simple question first..