Quick Decision & Swift Action
G. Ravishankar
Gone were the days when decision
making processes were
done manually.
With the advent of advanced computer technology, difficult corporate
decisions can be programmed by way of computer application.
Right decision at Right Time with
Right computer application can help the management to take action. If you can
learn to make timely and well-considered decisions, then you can often lead
your team to spectacular and well-deserved success. However, if you make poor
decisions, your team risks failure and your time as a leader will, most likely,
be brutally short.
The techniques in this
section help you to make the best decisions possible with the information you
have available. They help you map out the likely consequences of decisions,
work out the importance of individual factors and choose the best course of
action to take.
Cost Benefit
Analysis
You need to analyze all types of costs
prudently to arrive at a wise decision by way of computer programming.
You may have been intensely
creative in generating solutions to a problem, and rigorous in your selection
of the best one available. However, this solution may still not be worth
implementing, as you may invest a lot of time and money in solving a problem
that is not worthy of this effort.
Costs are either one-time, or recurrent...
Benefits are most often received over a period of time. We build this effect of time into our analysis
by calculating a payback period. This is the time it takes for the benefits of
a change to repay its costs. Many companies look for payback on projects over a specified period of time e.g.
three years.
Why don’t you Prioritizatisze on based on
project value or profitability is probably the most commonly-used and
rational basis for
prioritization. Whether this is based on a subjective
guess at value or a sophisticated financial evaluation, it often gives the
most efficient results.Time constraints are
important where other people are depending on you to complete a task, and
particularly where this task is on the critical path of an important
project. Here, a small amount of your own effort can go a very long way.
Using this tool, each group participant “nominates” his or her priority issues,
and then ranks them on a scale, of say 1 to 10. The score for each issue is
then added up, with issues then prioritized based on scores. The obvious
fairness of this approach makes it particularly useful where prioritization is
based on subjective criteria, and where people''s "buy in" to the
prioritization decision is needed.
So, for good decision making,
comprehensive computer application is essential. This will help to take swift action at
appropriate time.