[October 22, 2020] “Decision science is a collection of quantitative techniques used to inform decision-making,” according to Harvard. Its focus is on finding a solution using the available information, and that you can effectively compare outcomes, costs, and more to make the best decision for your situation.
It’s a specific science that has produced key frameworks anyone can use to make a choice. While you probably don’t need a thorough analysis to choose your morning breakfast, you can certainly identify some patterns to effective decision making. First, you consider if you have time to cook, and if you don’t you plan to swing through a drive-thru. Then maybe you remember your savings goals and pack oatmeal and fruit instead.
Breakfast is just one of the 35,000 decisions you make every day, which is why understanding the foundation of decision making can relieve your stress as well as improve your decisions. To get started, let’s go over three frameworks you can use in any part of your life.
1. Rational Decision-Making Model
This model is the best choice for high-stakes decisions. If you’re considering a major move that has huge financial implications, you want to make sure you’ve thoroughly analyzed the costs, benefits, and alternatives before committing to a choice. This model includes seven key steps:
- Identify the problem
- Set your needs and wants
- Prioritize your needs from most to least important
- Find all potential solutions
- Choose a solution
- Implement the solution
- Analyze the outcome
2. Bounded Rationality Framework
In an ideal world, the most optimal solution would always be your go-to choice. However, we work with time, information, and budget limitations that impact our decisions. In this case, you’re looking to satisfy a problem, not necessarily solve it.
The process for this isn’t really different than the rational model, you just have to accept you won’t find a perfect solution. Instead, you’ll outline your restraints as well as your needs, and use these to remove any potential solutions you can’t realistically achieve.
3. Vroom-Yetton Model
If you’re not quite sure where to begin in the decision-making process, this is the model for you! It helps you better define your problem through a series of yes and no questions, ultimately recommending either of the above decision-making models. This is ideal if there are several stakeholders affected by the decision and you need to take their interests into account.
Whether you’re planning a family move or a new business venture, these frameworks can help you make the best choice for your situation. The frameworks can help define your problem, limitations, and opportunities, but there are several factors that can impact your decision making. Check out the infographic (see link here) for all of the tools you need to make a great choice.
Decision-making models help you decide the best course of action, based on benefits and drawbacks. However, half of the decisions managers make within their organizations fail to meet their objectives.
Nice article.
Good work. Where can I find more on this topic?
Good job, Briana!!!!!!!
Hello, you might want to read an article by Gen. Satterfield called “Decision Making Based on … what?”
https://www.theleadermaker.com/decision-making-based-on-what/
Also, very informative.
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Yes, good to read about the best ways to make decisions as a leader but also in life in general.
Yes indeed, I too thought of this older article. If you search the search box with “decision”, you will find several articles on decision making. That is one thing about these blogs, sometimes it’s hard to find what you’re looking for and zero in on that particular article. This article today by Ms. Marvell is an excellent starting point for learning more about DM. Thanks all.
I agree with you Eric and yes another worthy guest writer’s article for our morning pleasure.
Hi Briana, where do you recommend that I find out more about these decision-making models? Do you have more writings elsewhere? Thanks.
Howdy! Good writing Ms. Marvell. I too am from Texas so it is great to see someone one here from my home state.
I bet you are. I also agree Yusaf that this is a well-written article on basic decision-making. I’m glad that Gen. Satterfield is breaking things up a bit by having guest writers on his leadership blog.