All entries for Friday 19 April 2013

April 19, 2013

RDM: Important factors to consider

In order to make a robust decision, we first need to know which factors have an impact on the quality of a decision. After learning more about decision making, I now understand that there are at least four things which decision makers should do to make more effective decisions. Please note that this is not an exhaustive list and it only represents my humble opinion:

1) Ensure that almost all suitable criterions are considered.

2) Develop a wide-ranging list of alternatives (avoid a scenerio where only well-known options are chosen).

3) Make sure that both advantages and disadvantages are considered for each option (often biases creep in and disadvantages are ignored).

4) Keep looking for any information that can better inform the decision (this is important since new information can sometimes completely change the outlook of a decision. The purpose is to better inform the decision and not to justify a choice, so one should always avoid confirmation bias).

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