Making Decisions

Decision making is a quite a hard task when it have so many option. Hence making a good decision is challenging. Every decision have an opportunity cost or in other words a lost we have to bear. When it come to decision making it is important to,

• Structure the problem

When it comes to take good decisions structuring problem is more important with different alternatives, their differences and values obtaining.

• Evaluation

After structuring the problem then the evaluation of those alternatives are important to know what are the consequences and uncertainty occur when decision takes place.

Decision Problems are different from a traditional problems which will lead to make those more difficult as they are having multiple choices. There are two types of decision problems which are called as,

• Multiattribute Decisions

Multiattribute decisions are the ones which are having multiple alternatives and each of them are best in terms of some values which lead to harden the selecting process.

• Risky Decisions

Uncertainty involves in risky decisions. Furthermore the alternatives are best in terms of uncertainty. As and example when we invest in a stock exchange that might give us a profit or a loss which is not certain.

And even after structuring and evaluating the problem and outcomes people are struggle to make a good decision because they failed in following factors.

• Logical thinking

Logical thinking is a major factor when it comes to decision making as the values in alternatives and how it affect the future must be sorted out using logically not emotionally.

• Think out of the box

Every alternative have something hidden which might be uncertain or which is not clearly shown value. Then those must be discovered before the decision take place which need the critical thinking or the think out of the box.

• Balance judgement

When it comes to decision making the balanced judgement is critically needed because once a decision made favourably that definitely make consequences. Then when it comes to decision making the balance judgement is needed.

Finally when it comes to decision making first the problem must be structured and evaluated and then choose the best alternative using logical thinking, think outside of the box and balance judgement. Final suggestion is to get advice from a matured person who have more experience.

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