Name 5 key steps for decision making

The steps can be:

1) Defining the Problem

2) Identifying Limiting Factors

3) Developing Potential Alternatives

4) Analysing & Implementing the Best Possible Solution

5) Establishing Control & Follow up

1- Identify the problem

2- Gather info about it

3- Analyze situation

4- Develop solutions to the problem

5- Evaluate alternatives & choose the best.

Take the decision

• Question Everything to better understand.
• Research it.
• Consider the Other Side of the Argument.
• Realize Other People’s Bias.
• Think Fast, But Pause Before Acting.

Gathering information using market research

generating alternatives

finalizing the alternatives and having back-up plan

Executing the plan.

Closely monitoring the results and compare with expected results and follow the process again.

It is basically closed loop feedback kind of system where you generate best ideas and decisions on a continuous basis

  Identify a problem or opportunity

Gather information

 Analyze the situation

 Develop options

Evaluate alternatives

Select a preferred alternative

 Act on the decision

This is one of the executable technique :

D-E-M-A-I-C

Define , Evaluate, Measure, Analyze, Improve & Control.