Decision Making and Planning

Decision Planning

Making a decision without planning is fairly common, but does not often end well.  Planning allows for decisions to be made comfortably and in a smart way.  Planning makes decision making a lot simpler than it is. 

Decision will get four benefits out of planning.

1.Planning gives chance to the establishment of independent goals.  It is a conscious and directed series of choice.

2.Planning provides a standard of measurement.  It is a measurement of whether you are going towards or far away from your goal.

3.Planning converts values into action.  You think twice about the plan and decide what will help to advance your plan best.

4.Planning allows to limited resources to be committed in an orderly way.  Always govern the use of what is limited to you.

Everyday Techniques for Decision Making

Some of the decision making techniques are as follows:

1.Pros and cons 

Listing the advantages and disadvantage of each option, popularized by Plato and Benjamin Franklin.  Contrast the costs and benefits of all alternatives. Also called Rational decision making.

2.Simple Prioritization

Choosing the alternative with the highest probability weighted utility for each alternative.

3.Satisfaction

Examining alternatives only until an acceptable one is found.

4.Eilmination by Aspects

Choosing between alternatives using Mathematical Psychology Technique was introduced by Amos Tversky in 1972, It is a convert elimination process that involves comparing all available alternatives by aspects.  The decision maker chooses an aspect; any alternatives without that aspect are eliminated.  The decision maker repeats this process with as many aspects as needed until there remains only one alternative.

5.Prefernece Trees

In 1979 Amos Tversky and Samuels attach updated the elimination by aspects technique by presenting a much ordered and structured way of comparing the available alternatives.  This technique compared the alternatives by presenting the aspects in a decided and sequential order, it became a more hierarchical system in which the aspects are ordered from general to specific.

6.Acquiesce

To a person in authori8ty or an “expert”, just following orders.

7.Flipism

Flipping a coin, cutting a deck of playing cards, and other random or coincidence methods.

8.Divinity

Prayer, tarot cards, astrology, augurs, revelation, or other forms of divination.

9.Opportunity cost

Calculating the opportunity cost of each options and decide the decision.

10.Bureaucratic

 Set up criteria for automated decisions.

11.Political : 

Negotiate choices among interested groups.