Factors Involved in Decision Making (2024)

Decision making is a continuous process. It is an ongoing activity throughout one’s life. Making decisions is a great art/ skill one can have. Decision making is an action taken to get/ achieve something desirable. It is usually taken in two conditions either one desire for best or one want to avoid/ get safe from the worst. But not limited to only these conditions. Decision making involve different factors i.e. risk analysis, emotions attached to it, excitement, choices available, trends in the market/ area, knowledge, skills and experiences.

Decision making is not an easy task to do. There are some key steps that need to be considered, with proper analysis of factors to make a good decision. The first amongst them is about the decision such as what the decision you are going to take, whether it’s relevant, Either it will work or not, If not what should be the strategy then? Analyzing consequences and risk attached to a decision making.

The second step is to do proper research and find out all the relevant information that can play a role in successful decision making such as take suggestions from those who already have gone through such process and then value their views and consider it if relevant. After this think upon the different options available and which may best suits to your problem and use the one that best matches, and apply the one which has more probability of success.

In decision making process four Ws play a key role such as what decision to be taken, why to be taken, when to be taken and how the decision could be taken. These four Ws give us the insights about the impact of a decision after the decision being taken. In decision making process it is very difficult to assist whether the impact will be desired one or will be opposite. A decision made on the basis of these factors/ dimensions chances are brighter that it will give desired results and the impact will be positive.

Risk is the other key factor play a vital role in decision making. It plays a role of agent that can approve or decline a decision. Good decision makers are usually those who can assist the risk. They know how much risky will be the step and what will be the impact after being it is taken. That is why they take calculated risk and take a decision always in their control. Good decision makers stay firm over the decision once it is taken, accept the result and remains prepare for the impact. On the other hand those who cannot calculate risk, failures, regrets and excuses then become their fat.

For example if Nokia was at that time aware of the fact that how it will affect their future not to go to android/ smart technology then I am sure they will never ever have done that. But it was their strategic decision making failure not to realize the trends coming on in the consumers market and they failed to assess the risk attached with such decision to their business. They failed to realize the rate of success against the failure.

May at that time if they have taken this decision to use smart technology in their phones may be their condition today would have been different. There is not the sole factor that makes Nokia flown away from the market, there may be more factors too but the most important is the risk factor, usually companies hesitate not to go to a decision due to the risk factor and it is a good thing to do if done after a great research.

I will conclude with the advise either you are company or job seeker or at any stage of your life always take a decision after your proper research and interest associated with your decision but don’t forget the risk factor before and after the decision. Especially I see employees who thinks of quitting the job due to certain factors, if you believe it is good for you do that but before take a look at the outer jobs market and then realize whether you are going to take a good decision or not. Do your proper research and risk analysis before you leave as after once you quit, the impact cannot be reversed then.

Think one hundred times before you take a decision, but once the decision is taken, stand by it as a man. ~ Quaid-e-Azam Muhammad Ali Jinnah