With business moving faster than ever before, we are discovering that complicated business decisions need to be finalized almost on the spur of the moment, or the opportunity is lost. What to do? If we make the wrong decision, we could lose not just the opportunity, but in today’s fast-paced world, we could lose the customer, the market, and maybe our business!

Here are some new ideas in decision-making that could help. Recent refinements in decision analysis techniques can guide you in making intelligent choices almost every time. Of course it is still necessary to have as many facts as possible about any situation, but the new techniques can work even when alternative information is scarce.

The best place to learn more about these new decision techniques is your College or University Business School. Most now incorporate modules on how to make decisions in their management programs, and many offer seminars and workshops for the public. The techniques work with or without a computer, so expensive software isn't always necessary, but I am looking for some enterprising firm to develop software that will work on a Personal Digital Assistant (PDA). Here are some of the points covered in these newer processes.

TAKE YOUR TIME
Even though we feel we must make a decision on the spot, there are actually very few that must be made immediately. Snap decisions like, "We can meet that price." or "Of course we can have it tomorrow!" could be replaced with, "Can I get back to you about that?" or “I’ll check our delivery schedule and have an answer within the hour.” or “Let me call the shipping department to see if we can meet that date.” If the situation is so critical you must decide right now, maybe you shouldn't be making the decision at all!

If you have the time, even if that time is minutes instead of days, take the time. A snap decision does not allow your mind to search its archives for like deals, past problems, past solutions, and similar material. An overnight ‘thinking session’ can sometimes clarify the morass of decision paths and help you arrive at a decision you won’t regret. Even a, “Let me think about that for a moment,” comment can give you the seconds or minutes necessary to process a very large amount of data!

DEFINE REQUIRED RESULTS
Most of us jump to conclusions. We often go down the path of, “If Doctor J. doesn’t get his report, it’s Mary’s fault!” Of course Mary will blame Jack, Jack will blame the system, and so on. People may be fired, systems thrown out, and other not-so-bright decisions made just because the required end product wasn’t clearly defined.

Make sure your frame of reference is on the problem to be solved, not on what you perceive to be the problem. An employee's failure to perform could be caused by lack of information, material, other input, or another employee's cooperation. An excellent way to make sure you have the right problem is to write down what happened, then list the things that could have caused that problem to occur. Act only when you have clearly defined the problem to be solved.

DEFINE THE JUDGE
How confident are you in your personal judgment abilities? Are you sure you are the right person to solve the problem? Does your industry have a white paper on the subject? Do you have a mentor you can call for advice? If the problem is a personnel problem, there probably are legal considerations that could put you in court if not properly addressed. In this case, an attorney’s advice may be required. A rule of thumb is that bringing another person into the decision process can open new avenues for solutions, and could save you both time and money.

GROUPTHINK
Be wary of decisions made by a small or close group, especially if that group has previously worked together on other projects. The poor judgments of 'groupthink' are still with us. (Groupthink can be defined as decision-making using input only from the group itself.) Many management teams, including Boards of Directors, have made groupthink decisions that have been disasters for their companies. Input from outsiders such as bankers, lawyers, accountants, mentors and consultants can overcome these barriers and produce positive results.

ANALYSIS
Even after a decision has been made, it is valuable to conduct a brief review with another person or group before you make the plunge. You may have made the initial decision based on similar problems previously addressed, but sometimes our ego blocks the use of this valuable information. Examination of similar situations, and the results of decisions based on those situations can offer valuable input to your problem. Other divisions, departments, or individuals may have current feedback that could positively affect your decision. Feedback, negative or positive, can help you make intelligent decisions.

RECORDS
It is easy to forget the details of a decision made months or years ago. When the current decision is finalized, write it up. Start with the perceived problem and add in the factors you discovered that defined the real problem. List the inputs you used to frame the decision along with the individuals or groups that provided input. Finally, state the decision that was made along with the reasons for the decision. Time will tell whether the current decision was right or wrong, and this valuable information can be used to guide future decisions.