Right Decision on Right Time

Right decision-making is a great skill to master. The right decision-making quotes are picking a choice among all the options which seem to be the right one for the individual, organization, country, or for the world at large. All right decisions are not as impactful as few are. Few right decisions are made for expanding the company. Once it’s clear what needs to be done, it’s time to allocate people with the resources. Once everything is done, finally make the right decision.

Now everyone makes the right decision in different ways. And how do they make the decision? Primarily on the basis of what they know at any given moment of time! So, to improve one’s ability to choose the right option from a series of alternatives, one needs to know the things he should do.

Before you know how to make the right decision, you need to know the elements which can support your decision in every sphere of your life, especially your career. There are certain things. If you do these things right, the chances of making the right decision the first time would be much easier.

a. Constraints

You will not be able to know everything about everything. When a career decision has to be made, your time would be limited and you would only get a few days to a few weeks to make the right decision in your career. So, what would you do then? You need to know your limitations. Thus, it’s always better if you can set a series of constraints and decide on the basis of that.

b. Opportunity Cost

This is a big one and most people don’t think about it. Suppose you are the manager of a product company. You’re about to launch a product. How would you decide whether to go for market testing before you launch a product? How would you know whether to go ahead with it or not? Here’s a simple thing you need to understand and that is the concept of opportunity cost. If you do invest a lump sum amount of money, what may or may not happen? Suppose, you see that due to the market testing your product launch becomes extra-ordinarily successful. Or else, maybe the market testing is not successful at all. We will not go with success. Let’s see what happens when we pick the worst scenario. If you imagine that market testing is a failure, what else you can do with the money if you don’t invest it? You may use it to improve the product features. You may invest in improving your value chain or hire a vendor who will provide you with great value. So, if you choose to go for market testing, your opportunity cost would be equal to the cost of failure plus what you could do if you would have not invested the money in market testing. Think about it. If you can get the right decision, you will make the right decision always.

c. Impact

Now all right decisions are not as impactful as few are. For example, if you hire a person and he leaves within 10 days, there will be a loss for a company. But if you compare it with the strategic failure of the company the impact is much lesser on the company. So, at the beginning of making the right decision, always make sure that how impactful a wrong decision may have to be? No, there’s no point in becoming risk-averse. But you need to understand the impact beforehand. If you need to take the help of an experienced professional. The final right decision has to be made by you.

These are three things you need to take care of before you make any right decision. And if you do these three things, before making the right decision, no matter for which area (career or business) you are making the decision, you will be right the first time. No, there is no guarantee that you will make the right decision. But you will closer to perfection.