What would you do when you have a decision to make and no procedure exists?

I will make a new procedure which can be acceptable for particular job.

well first of all

procedures are not made to help you make a decision

a procedure is a decision made and is to be followed in a very specific case

but let us assume there is a case you faced and there are no procedures to follow

• you research the case and come with multiple procedural drafts
• you notify your superiors of the lack of a procedure to follow, present your suggestions and have them agree on one of the suggested procedures
• you implement the trial procedure and update it as you progress through it with the management's knowledge when needed
• you modify the procedure after reviewing the results and outcome and save this procedure for future reference

I will analyze and judge the situation and will decide with best judgement.

Think, design a new set of procedures which can me easily acceptable and implimentable.