Definition of decision-making
Decision making can be presented as a problem of choice among several alternatives and is defined in the literature as a process of constructing the alternatives.
When making a decision, a person draws on existing knowledge to find out what the current situation is and what is needed? Then creates new knowledge of what to do with resources, and what will be the future state (expected results)? Information is the raw material of this decision making process.
In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.
Decision-making is one of the main activities of managers and is a huge part of any process of implementation. Human efficiency with regard to decisions has been depicted by researcher from several perspectives:
- Psychological: investigating the individual decisions in the context of a set of needs, expectations preferences and values the individual has or seeks.
- Cognitive: the decision-making process regarded as a continuous process integrated in the interaction with the environment.
- Normative: the examination of individual decisions in relation with the logic of decision-making and rationality and the invariant choice it leads to.
Decision making and Time factor!
Time is a critical factor in the decision-making process. Even if we acquire tools that help to take a decision if these tools can not inform decision makers at the right time about the way to take an action a disaster can occur.
Time isn’t the main thing. It’ s the only thing.
In current challenging context with Time pressure on the decision maker, insufficient or too much information, accuracy versus speed, and effectiveness versus efficiency, having a decision support system (DSS) that supports people who make decisions is crucial.