A long awaited second edition of the book which has sold tens of thousands in e-book format and helped business students and professionals all over the world make smarter decisions. Smart Things to Know About Decision Making takes a look at all types of decisions we must make, from the mundane to the insane. Smart decision-makers have the guts to size up a situation, look at the alternatives and decide. They alleviate the risk by using a process to come to the best decision.
Smart Things to Know About Decision Making reveals a five step process to help make successful decisions:
• Preparing to decide – Define the purpose and take a preliminary look at the financial case
• Creating options – Never assume that there is only one possible way of solving a problem
• Evaluating the options – Create the criteria that needs to be met and analyse the risks
• Making the decision – Phew. That was the hard part
• Implementing the decision – Your decision is not complete until you’ve created an action plan, recorded and re-evaluated your decision
This new edition contains updated examples, links and content including pedagogical exercises to assist learning.
We go through life every day making decisions - some of which we don't even think about. "Hmmm I'll have that cup of coffee now." This type of decision didn't take much thought process and it wasn't a difficult one. Many decisions we make in our business lives are much the same - we don't think twice about many of the things we do. But we should. So how do we know which issues we should or shouldn't analyse before making a decision, and how do we go about making the decision?
Smart Things to Know About Decision Making takes a look at all types of decisions we must make, from the mundane to the insane. Smart decision-makers have the guts to size up a situation, look at the alternatives and decide. They alleviate the risk by using a process to come to the best decision.
Smart Things to Know About Decision Making reveals a five step process to help make successful decisions:
- Preparing to decide - Define the purpose and take a preliminary look at the financial case - make sure to involve others!
- Creating options - Never assume that there is only one possible way of solving a problem.
- Evaluating the options - Create the criteria the solutions needs to meet and compare the options against them, get familiar with the way the accountants look at decisions, and analyse, analyse, analyse the risks.
- Making the decision - Shew. That was the hard part.
- Implementing the decision - Your decision is not complete until you've created an action plan, recorded and re-evaluated your decision.
Of course not every decision will need this type of process. For example, buying this book in order to help make successful rewarding decisions. That's an easy one. That would be a very Smart decision.
