The Decision-Making Process & Evaluation of Decision Effectiveness
A faulty decision can cost you a job or even put your company out of business, so pays to use anything that will help you make better choices, such as decision evaluation tools. These tools are designed to organize and direct your thought process going into the decision. They also provide a chronicle of the options available at the time, and why you made the decision. As a record of the thought process, they can be used in evaluating the results of your decision..
Decision Tree Analysis
A decision tree is a method of arriving at a decision by mapping the consequences of each possible option. Start with the first decision node, such as which computers to buy for your company. Draw branching lines from the initial decision node -- one indicating the purchase of Mac computers, another for Windows-based computers. The branching lines from those nodes might be laptops or desk tops. The next branches present a further breakdown of the capabilities of each model, with additional branches indicating their applicability to your business. The last step is to go back through the diagram and enter costs and benefits for each choice until you reach a combination of cost and value that best fits your needs. In evaluating the results of your decision, go back through the decision tree looking for faults. This can show you whether the decision could have been more effective had you pursued a different path, or whether you made the best decision given the options of the moment.