decision

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Definition

Decision, or decision making, is the process of making a choice in the face of uncertainty, doubt and risk. Because of uncertainty and ethical considerations, decisions require judgment. The hardest part of deciding is identifying what you choose NOT to do. If you don't decide (from Latin decidere-""cut off""), you won't flourish and likely die.

Business decision making criteria --

  • the solution must be implementable
  • it must not produce unacceptable adverse consequences
  • it must allow for flexibility

Data and decision making --
""There is no such thing as a data-driven decision. You get real data only after the fact. I love one of the phrases from Goethe, the German philosopher-poet. He said something like the moment you make a decision, a lot of things come to help you that you could have never seen before you made. So without taking that leap of faith, you can never know if you're going to make it. ...Mario Andretti said, 'If everything seems under control, you're not going fast enough.' ...you will never have the data that you want to have before you make that decision."" from an interview with Eastman Kodak CEO, Antonio Perez -- Source: Maney, Kevin, (2008), Picture Imperfect, Condé Nast Portƒolio, January.08, pp 107.


Related references --

See organizational action for a historical recap of the development of decision making theory.

See rational choice, garbage can decision process, and decision making as rule following.

See March, 1994 for a Primer on Decision Making.