Wrong Decisions Lead to …..

The Titanic was known as the unsinkable ship and was specifically designed to make long journeys with no possible chance of sinking. The manufacturer made perfect equipment as per there standards but how it sank?

 Simply who were the people handling it? Definitely they will be the best among the lot along with a strong leader. How good you are as a leader you can make wrong decisions.

The crew ignored warnings of the iceberg and decided to move forward. The ship hit the iceberg and scraped the entire right side causing it to sink which resulted in the loss of not only 1517 people but also a loss of $ 7.5 million along with a $168 million inflation adjustment.

Decisions have a big impact on your life. Your decisions had a great influence on where you are now and where you want to go. The decisions can be big or small, there are consequences of good decisions, bad decisions, and stupid decisions. Big decisions are rare and they have a big impact while small decisions like daily decisions you make are normally small and bring small impacts.

Wrong decisions can lead to failure and your acceptability as a leader. Decision-making is the process of identifying and choosing alternatives based on the values, preferences, and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.

Be an outstanding decision-maker:

There is a saying that “good decisions are a consequence of experience and experience is a consequence of bad decisions”. In other words, you make a mistake, you learn, and next time you make better choices. To be an expert in decision making one has to understand and learn the decision-making process.

Decision Making Process involves:

1. Analysis
   1. Understand the situation
   2. Define the Problem
2. Objective Setting
3. Redefine problems or hurdles may come across to achieve the objective.
4. Develop Plan
5. Define alternatives
6. Implement the plan
7. Monitoring and controlling
8. Review again (go back to analysis)

Why we make the wrong decisions?

Assumptions:

Simply they are assuming, maybe overconfident, jumping to the conclusion, and ignoring the facts. Normally the decisions are taken on gut feelings rather on facts and figures.

Poor comparison:

The comparison is one of the major tools we use when making decisions. When making decisions, we often make rapid comparisons without really thinking about our options.

Wrong Objectives Setting.

By ignoring the facts or even knowing the facts objectives to be clearly defined. Well “Rome was not built in a day” so objectives long term and short term depending upon the situation has to be clearly defined and communicated along with a practical plan to achieve the objective.

Lack of Planning:

Make practical plans and define alternatives like Plan A, Plan B, etc. after defining the plans they should be clearly communicated to each member along with their roles. Remember that decisions have to be sold rather than told so that they should be owned by each individual. 

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