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What should I do in preparation for making a decision?

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The Teradata survey found that more than seventy percent of U.S. executives feel that poor decision-making is a serious problem. At the same time, the survey found a sharp distinction between those executives who feel they make good decisions and those who rate their decision-making capabilities as poor. What is the difference? Much of it lies in the preparation that goes into making the decision. As the Ohio State study found, the more deliberation that goes into a decision, the better that decision usually is. With that in mind, here are a few steps that are commonly used to help in decision making.

� Gather information: Three quarters of executives who felt that they make good decisions reported that the right information was always available to them. In contrast, only nineteen percent of the other group did. The Ohio State study, meanwhile, found that the decision-making method with the best chance for success was intervention�a system of thoroughly analyzing the issue in comparison with goals and competitors in order to determine the actual problem to be solved. Having the right information is key to making the right decision.

� Analyze risks and opportunities: John Maxwell says that ninety-five percent of the decisions a CEO makes could be made by a reasonably intelligent eighth-grader. The CEO gets paid to make the other five percent. These are the choices that have great risk or at first glance appear to be lose-lose situations. Study the problem enough to see the risks and opportunities that most people ignore. Understand everything you can about the problem and proposed solutions so that nothing takes you by surprise later.

� Seek counsel: Don�t expect to know it all. Take advantage of differing perspectives and areas of expertise. That�s why all CEOs and presidents have advisors�they need advice. If possible, talk to an outsider and get an unbiased opinion.

In the end, though, you have to step out and make the decision. Don�t make a hasty decision, but don�t ignore a decision because of fear or hesitancy. Windows of opportunity will pass you by and subordinates will lack a vision to follow. John H. Patterson said, �An executive is a person who always decides; sometimes he decides correctly, but he always decides.� Make the decision and move forward to the next one�even if the next decision ends up being how to correct the first one.

Next Page: What should I do after I make the decision?

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