Whether at work, or at home, we make decisions every day. But such decisions are driven by qualitative interpretations of quantitative data. People interpret the data they receive, based on “feelings”. This is subjectivity. Even the US Economy thrives on this subjectivity! Why is a $12.00 stock a good sell for one person and a great buy for another? It is not the $12.00 (the number} that drives our decisions, but its significance to each of us.
Most people rely on common-sense and gut-feel, and we firmly support this view. However, the massive information overload, and human limitations, has created a problem for decision-makers. Poorly defined objectives, uncertainty of information and conflicting global objectives, multiple criteria & candidates, further complicate the decision-making process. Therefore, without a formal method, you are likely to make poor decisions.
Imagine a hunter, shooting at a target! No doubt, he is likely to have a few misses.
Now, if he were to mount and use a “scope” on his gun, would he not have a better hit-rate? Now, in addition to the “scope”, what if we were to give him a “tripod” on which he could rest his gun, to steady it? Is it not obvious that his-rate is likely to increase significantly?
The “seven-step holistic approach” to decision-making is the equivalent of the “scope & tripod”, which gives the decision-maker the support/anchor he needs to make the best possible decision.
Dr. Wirasinghe will discuss the fundamental elements of decision-making, and present a robust, yet a simple methodology to help you make better decision.