Common Pitfalls in the Decision Making Process
Jul 22 2021
Some business decisions are simple — we make them without much thought or deliberation and carry on as normal. Other larger decisions such as new ventures, expansions, acquisitions, and strategies come with the potential to be a game-changer for our organizations. These decisions carry a heavy weight of uncertainty and risk.
Even when big decisions require us to be quick to avoid being left behind, it’s critical that we maintain the discipline to give our businesses the best chance for success. The pressure to perform, grow and manage day-to-day activities can make decision discipline a challenge, but this discipline is what can help organizations maximize the potential to capture the upside of growth opportunities and minimize risk. This type of decision making can be made easier with the development of a framework; however, even with a more strategic approach, there are many pitfalls decision makers must consider. These pitfalls have the potential to bias our data and affect the results of our analysis. By better understanding these pitfalls and how they affect the decision making processes, you can increase your odds of success and the precision of your analysis.
Dr. Brady Brewer’s blog, Common Pitfalls in the Decision Making Process, overviews some decision making traps that are easy to fall into and how to best avoid them. Awareness of these traps in the business world can better help decision makers choose the most beneficial options for their businesses, avoid risk and increase their odds for success. Read the full blog on the Purdue University Center for Food and Agricultural Business website here.
Beyond the blog
Disciplined decision making doesn’t come easily and must be practiced. At the Strategic Decision Making program September 21-23, 2021, Dr. Brady Brewer and Dr. Allan Gray will guide participants in making the best possible decisions to move their company in a positive direction. Participants will learn to utilize frameworks to clarify impactful decisions, understand alternatives and manage risks involved to increase the probability of success. Have a specific decision you're facing? Participants should bring it with them for one-on-one coaching with program faculty!