March 08, 2013

The importance of choosing the appropriate decision–making tool

When making a decision, one has to select the right tool because an inappropriate tool will invariably lead to a bad decision (unless luck plays its part). This suggests that choosing the right tool is equally as important as choosing the right option. However, there are so many tools that it can seem a daunting task to just select the one or two that you need.

The specific tool you choose will obviously have to change according to the situation you're in. Even a slight change in time, resources, availability of data and complexity of the problem can mean that another tool is more appropriate now. Hence, one should always be aware of the various methods. Certainly, having a general idea about which method to use is better than gambling on a decision. As with most things, once you start using the tools on a regular basis, you will take less time in choosing the appropriate tools for subsequent decision making projects.

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