Decisions are part of our lives. We make decisions every single day. Some are simple, some are complex.
But when it comes to the business environment, directors make complex strategic decisions that influence the competitive edge of their company.
So, what do directors need to make the best decisions?
According to experts from MindTools a seven-step approach is the way. The strategy includes:
1. Creating a constructive environment.
2. Investigating the situation in detail.
3. Generating good alternatives.
4. Exploring options.
5. Selecting the best solution.
6. Evaluating the plan.
7. Communicating the decision and taking action.
In the end, it is necessary to combine problem solving with decision making, despite the fact that they are not similar processes. Find out more about decision-making processes here.