March 18, 2011

RDM– Quaitative aspects

Being an accounting and finance graduate I admit its quiet hard to embrace and accpet qualitative aspects of decision making. Three years of undergraduate in acf had trained me to make  judgments solely on the basis of cost and benefit relationships. Anything with a postitive and the highest npv is the best decisions. Anything with the maximum risk also gives the maximum return. But RDB goes much beyond this. It taught me how finance is fundamental but yet only a small part of the broad and extensive decision making that companies have to undertake. You can't always be a risk taker and believe that you will end up making maximum profits by that approach. We do have to keep in mind that we our an organsiation with a number of stakeholders including our employees and a single wrong decision can put their job at stake.

RDM has actually infused in me a new way of approaching robust decision making. Making judgements purely on the financial aspects is never the right approach, unlike my previous thinking on decision making. I always believed that profits are the best way to judge the viability of a decisions. But in the long run, its all the different combined qualitative and quantitative aspects that make up the best decision that leads an organisation towards achieving its vision.

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