Dev Randhawa writes about decision-making skills.
Today I’ve decided to look into the process of decision-making and how it can be improved, even in stressful situations.
Decision-making is complex, but key
Quick decisions
A recent article in Forbes suggests that the brain relies on ‘shortcuts’ when decisions are being made, which isn’t necessarily the best way to go about things.
This is known as ‘cognitive heuristics’, which originates from heuristics themselves – snap decisions based on the ‘rule of thumb’ and common sense.
As you can see, for many senior figures (including myself), this might not be the best way to make a decision when important factors are on the line. How can this be avoided?
The Forbes article’s author suggests that simply being aware of the dangers of ‘common sense’ decisions is a step towards avoiding them. Another is to consult the team around you in order to make the best decision possible.
This is easier said than done, especially given the myriad size of some organizations – it’s still a worthwhile idea to consult employees before a major decision however, to receive relevant feedback if not anything else.
A secret angst?
The Harvard Business Review suggests anxiety may be a player in the decisions of senior executives.
Research carried out by the HBR’s team on the issue found that CEOs with more angst made less-risky decisions (somewhat unsurprisingly) in order to avoid perceived kickbacks.
What does this mean? It means that there are obvious pressures on CEOs and senior executives present, so perhaps paying attention to the risks of ‘common sense’ decisions may be wise. I’d go so far as to say that a decision should be made after thorough assessments and a system in place for this in order to make the process as efficient as possible.
In summary, be aware of ‘snap’ decisions – plan, think and consider before any major change.
About Dev Randhawa
Dev Randhawa is a CEO and an expert in natural resource exploration. He is also an active blogger, whose thoughts can be read here.
