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COMMON CHALLENGES OF DECISION MAKING
Although following the steps outlined above will help you make more effective decisions, there are some pitfalls to look out for. Here are common challenges you may face, along with best practices to help you avoid them.
- Having too much or not enough information. Gathering relevant information is key when approaching the decision making process, but it’s important to identify how much background information is truly required. “An overload of information can leave you confused and misguided, and prevents you from following your intuition,” according to Corporate Wellness Magazine.
In addition, relying on one single source of information can lead to bias and misinformation, which can have disastrous effects down the line.
- Misidentifying the problem. In many cases, the issues surrounding your decision will be obvious. However, there will be times when the decision is complex and you aren’t sure where the main issue lies. Conduct thorough research and speak with internal experts who experience the problem firsthand in order to mitigate this. It will save you time and resources in the long run, Corporate Wellness Magazine says.
- Overconfidence in the outcome. Even if you follow the steps of the decision making process, there is still a chance that the outcome won’t be exactly what you had in mind. That’s why it’s so important to identify a valid option that is plausible and achievable. Being overconfident in an unlikely outcome can lead to adverse results.
Decision making is a vital skill in the business workplace, particularly for managers and those in leadership positions. Following a logical procedure like the one outlined here, along with being aware of common challenges, can help ensure both thoughtful decision making and positive results.