Throughout the day, there are innumerable decisions that you must take for various reasons. It might be to take a project successfully to completion or motivate your team, and the reasons can be endless.
Since more and more organizations are assuming a much flatter organization structure these days, which eventually “decentralizes” the process of decision making. However, unlike earlier times, when the major decisions used to be taken by the top-level management, these days, you will find that employees, irrespective of their levels have the liberty to take a call, although, the call is after careful collaboration.
As such, the decision-making model has changed over the years. Although, there are many types of decision-making models, here let us find out those models of decision-making that will bail you out when you are in a fix and a testing situation. So, what are these circumstances and how do you overcome them? Find out here.
Decision-making models that work
Find out the solutions you can turn to during times of crucial managerial decisions.
1. Rational decision-making model
If it is a high-stake decision that you are about to make in agreement with other people, if there is a lot of emotions around the various opinions given by others, and most importantly if you have adequate time, you can do the following-
- First, try to define the problem
- What are the various criteria or factors that will help you to judge the solutions offered?
- Find out the importance of each criterion or factor
- Work out a list of alternatives
- Assess these alternatives
- Then zero in on the best solution.
- Few also feel that you must test the solution you opt for before you implement it.
2. Vroom-Yetton Decision Making Model
This model advocates that no single process can be regarded as an ideal process of making a decision. The decision that you ultimately take will depend on your situation.
This decision-making model is also known as the Vroom-Yetton-Jago decision model. This decision model comprises a set of 7 yes-or-no questions. For instance, “Is team commitment to the decision important?”, and the like. The answers that you get will guide you and help you to identify the best decision-making model to choose from among the 5 processes. This model is flexible and employees at any level can make use of it.
3. Bounded rationality decision-making model
Also known as the “satisficing” model, it gives you the freedom to seek the decision that will be “good enough” for your venture but you do not have to run for the best possible decision.
This model is best when you do not have much time in hand or information to opt for the full rational decision-making model. There are times when it does make sense to have a “good enough” choice instead of a “perfect” one that tends to delay matters.
4. Intuitive decision-making model
Interestingly, even when you are following your instincts, there is a decision model that you are following. These usually take place right on the spot and instantaneously. You can make a decision based on a pattern that has been prevailing before. It is called pattern recognition.
5. An extension of the above model
You will often find that a decision might be intuitive but, we think it is rational or logical. If you are equipped with additional choices then it is perhaps a retrospective decision-making model.