Selecting a decision tool
The selection of a decision method is not a straight forward approach. There is no tool selection reference document to select the most suitable from and it is possible to find more than one suitable tool for a single decision. However, there are few guiding points such as, amount of information available, timescale, complexity, knowledge of the environment and knowledge of various tools.
The knowledge of various tools benefits, applications and shortcomings can aid the process of selecting the most suitable tool for a certain decision.
When i am in a position to make a decision i can start by identifying what are the affecting factors in terms of information, timescale and knowledge of the current problem. Secondly, i can compare the decision objectives to the decision tools available while being aware of their limitations. It is also possible to use multiple tools to cover for certain limitation or multiple objectives.