What are some techniques for efficient decision-making?

Ensure you understand the type of decision you have to make. Decisions which are almost impossible to reverse (Jeff Bezoz called them 'one way doors') require significantly more analysis and effort to decide, as that decision will be final. Decisions which can be reversed ('two way doors') are best decided with a test and learn model, by making a quicker decision based on less up-front analysis, and then reviewing the results before deciding whether to change the initial point of view.

The easiest way is to weigh on the pro-cons If you think you are hesitant in taking an unbiased decision - have someone else participate with you in doing it! - Rationalise - Introspect - reassess Sometimes just knowing what serves is the best and vice versa helps make decisions easier.

I've seen even seasoned professionals skip or gloss over this step, often to their own detriment. By dissecting the problem through the 5W1H method, you bring laser focus to the context, the actors involved, and the criteria that will affect the solution. Furthermore, doing so helps avoid "solutioneering," where people jump to solutions without fully understanding the problem they're aiming to solve. This often leads to ineffective decisions that don't address the core issue.

Defining the problem is the first step in efficient decision-making. This involves clearly identifying the issue at hand and understanding its nature, scope, and impact. It's crucial to distinguish between symptoms and the root cause of the problem. A well-defined problem gives you a clear direction towards finding a solution. It helps you focus your efforts, gather relevant information, and set the stage for brainstorming possible options. By accurately defining the problem, you can ensure that you're working towards the right resolution, enhancing decision-making efficiency.

"Hope for the best, expect for the worst." This is best applied today as we live in an era full of emerging and disruptive technologies. Thus, generating alternatives should be part of every decision-making process. 💡You should keep this in mind: No matter how positive you are, no matter how hardworking you are, no matter how much you think and did everything: It won't always work out. This might sound negative but this is the reality of life. Always think ahead of possible scenarios and Plan B. What will happen if I fail? How will I handle my feelings or actions towards the failure? 💡Give your all for Plan A, but help yourself navigate challenges and bounce back in case things do not work out.

I can't stress enough how crucial this step is. You know what I love? Each technique serves a unique purpose. Brainstorming is great for unbounded creativity. Mind mapping helps you visualize and organize your thoughts, revealing hidden connections. And SWOT analysis adds that extra layer of rigorous evaluation. Here's the thing: over the years, I've found that blending these techniques often gives you the best results. So, you could start by brainstorming to eliminate any mental barriers, then use mind mapping to organize your ideas, and finally, apply a SWOT analysis to evaluate your shortlist rigorously.

It's the critical phase where we weigh the pros and cons, considering the impact and consequences of each option. By applying a rational and objective lens to our alternatives, we pave the way for well-informed decisions that align with our goals and values.

When presenting the decision be clear on the process that was followed, the inputs considered and the mental model used. This helps others inspect these points and provide feedback - eg you may be missing an input. This is as opposed to just sharing the outcome (decision) without the details of how you got there.

Choosing the best option is a pivotal element in efficient decision-making. After identifying and evaluating all possible solutions, the next step is to select the most beneficial one. This decision should be based on a thorough analysis of the pros and cons of each option, considering factors like feasibility, resources, time constraints, and potential impact. Utilizing decision-making tools like SWOT analysis or decision matrix can aid in this process. Ultimately, the chosen option should align best with your goals and values. Remember, even the best decision requires timely implementation to yield results.

I've seen people oscillate between these approaches based on the nature of the problem, the stakes involved, and the group dynamics. The word "intuition" is particularly interesting because, despite all the analytical methods we have, sometimes gut feeling, backed by experience, is the most reliable guide. Consensus, while ideal, can be tricky to attain, especially when stakeholders have differing interests. Going by the majority may seem democratic, but it isn't always the best for complex problems requiring nuanced solutions.

In my opinion, decision-making is Step-0. Step-1 is when the action begins! It is important to break down the decision in to measurable goals and further divide them into monthly, weekly and daily actions. Tracking the actions to ensure that you are on the right path to reach that decision you have made is also of significance. This is a world of distractions, hence traction is a must!

I've often seen even the best decisions go awry due to poor implementation, and these tools can be lifesavers. However, one thing to emphasize is the need for flexibility and adaptability. Even the best-laid plans can encounter unexpected obstacles, and a rigid approach can derail the whole endeavor. It's crucial to revisit your plan or checklist as circumstances evolve and allow room for adjustments. Also, effective communication is critical here. Everyone involved should be on the same page about what's happening, why, and when. This ensures collective ownership and accountability, making the implementation phase much smoother.

I want to point out the importance of timing in this phase. Sometimes, the actual effectiveness of a decision can only be gauged after a strategic waiting period for genuine results to manifest. Also, while quantitative measurement is valuable, qualitative aspects like team morale, client satisfaction, or your gut feeling should be considered. In my experience, it's equally important to celebrate the wins, no matter how small, to keep the team or audience engaged and motivated for future endeavors. This builds a culture of continuous improvement, where learning is as valued as achieving the initial goal.

Be intentional about what decisions you are involved with. As a rule, try to only be involved in decisions that you are uniquely positioned to contribute to. By empowering others with decision making authority on select decisions, you'll give yourself more time for those decisions you truly need to be engaged with.

Be goal driven when you have to make a decision. Weigh all options against each other and choose whatever will fit. Be flexible to change your mind later on. Adapt to change.