Read time 2 minWe all see decision-making as one of the leadership qualities. A good leader will take decisions that are oriented toward goals and commitments. It is not that the decisions you make all the time give you positive outcomes. There are times in which you take hasty decisions and would have experienced tough times due to one bad decision. Decision-making is not as simple and easy as it feels, it is an art! Now, let’s get deeper into discussing decision-making under various circumstances.
- Decision-making under certainty
Before going ahead let’s know what certainty actually means. When you take up a decision after acquiring all the required information and are aware of the possible outcomes it is less likely that you fail or go wrong. In this case, decision-making becomes easy and you are sure to succeed. But the sad thing is, that you will not be in a place to implement this approach in all the scenarios. Decision-making changes with various factors that affect your business. It is wise to stay updated and discuss things with your clients and colleagues. Certainty builds a strong, foolproof network.
- Decision-making under risk
There is risk involved in many actions you do and decisions you take. What does it mean to make decisions at risk? Many businesses were operating at risk during the pandemic and had no idea or knowledge of what risk the outcome could bring them. Here, you probably know what the outcome is but are uncertain of the risk involved. In such a case, the best approach is to have other options and alternatives that can be brought into immediate effect. Work out new ways and strategies, implement them during risky times or uncertainty and find out which does the job for you. Remember, it is important to make the right decisions at the right time. Make use of your experience, expertise, and everything possible to enjoy success.
- Decision-making under uncertainty
Uncertainty! The word that keeps you alarming. You definitely wouldn’t want to face this situation but your business doesn’t leave you that easy. It would want to teach you decision-making under uncertainty, which is, by far, the most complex thing to handle. Yes, uncertainty simply means you have no knowledge about the outcome. You just take up a decision and start the game according to your plan, but the outcomes are completely unknown to you or unpredictable. You definitely cannot think of an action plan that will act as an alternative or solution to your problem. The consequences can be even worse than you think. During uncertainty, make assumptions, and utilize your strengths, experience, and instincts that will pay off.
Conclusion
As mentioned at the start of this article, decision-making is an art and not everyone is an artist! Before taking up any decision get all the required data, make a study and devise a plan that suits the best for your business model. During certainty, your decisions and plans will not affect you or your business, but it is more vital to look at decisions taken when in uncertainty or huge risk, as it affects the performance and credibility of your firm. Think of alternatives, get suggestions from others and keep yourself equipped to face the challenges or obstacles that come your way. We, Springbord, are committed to our clients and would be happy to help during uncertainty.
