Personal Preparation For Learning The Art Of Great Decision Making A Guide By The Top MBA Colleges In Hyderabad

“Whenever you see a successful business, someone once made a courageous decision.” - Peter F. Drucker

All of us must have had this situation at least once in our life when we had that pit in our stomach telling us continuously, “I am not very convinced with this decision you made.” Many a times in life and work, we have to make difficult decisions some of which we are not quite ready to make.

Getting into one of the Top MBA Colleges in Hyderabad was a good decision making but what next. Once out of the Best MBA College in Hyderabad, you will face a lot of situations at your workplace where you will require the art of good decision making.

We at VJIM, stresses on this important factor while training our students  to become a good manager in future. But there are a lot of thing you can do at personal level as well. Here is a list of few factors:

1.        Preparation

This is the foremost requirement for making the right decision. Try to collect all the relevant data and process it effectively in order to get the most out of it. This would not only help minimize confusion but also eliminate self-doubt while taking the decision.

 

2.      Intuition and Logic

We take hundreds of decisions in a day. Right from what to wear to what to eat and how to respond to the client email, each decision needs a certain amount of mental effort. For bigger, much important choices in life or at work, we need more time while other decisions are just automatic and intuitive.

According to the renowned Psychologist Daniel Kahneman, there are two ways of thinking - System One and System Two.

System One : This caters to the day to day decision making. For example, when you are driving on the familiar road everyday.

System Two : This caters to a much slower and conscious decision making. One that includes complicated and important business issues.

Having an understanding of these two systems can lay a sound foundation for a successful decision making.

3.      Right Mind Space

For making a right decision, the most important thing you need is the right space of mind. Human mind wanders too much and it is hard to make the right decision when you are juggling with a dozen ideas at one time. It is extremely important to focus on making an effective decision by clearing your mind off all the unnecessary thoughts. Concentrate on one thing at a time  and work your way through the problem calmly and mindfully.

4.      Careful Of Bias

Another hindrance to an effective decision making is the presence of biases. Sometimes these are present without our knowledge also. Presence of biases can be a disaster and affect our decision making to a large extent. It is important to challenge the status quo and come out of your comfort zone while making a decision. Only then the former prejudices you have won’t come in the way of your current decision.

5.      Trust Factor

Not only you have to trust yourself but also your team. Self doubt can be responsible for a major error in decision making. With a correct decision, not only will your organisation grow but also the people involved.

6.      Time Management

You won’t have your whole life for making the right decision. Every decision, no matter how big or small, needs to be taken under some sort of time pressure and therefore time management can be one thing that will help you master the art of decision making.