Know about Types of Decision-Making, Decision-Making Models & Common Challenges in Decision-Making
Long-term decisions that shape the direction of an organization or individual’s life.
Short-term decisions that address specific tasks or projects.
Day-to-day decisions that keep operations running smoothly.
A logical, step-by-step approach to decision-making, often used when there is enough time and information.
Based on gut feeling or experience, often used in situations requiring quick decisions.
Recognizes the limitations of human decision-making due to constraints like time, information, and cognitive biases.
Having too much information can be overwhelming and hinder decision-making.
Cognitive biases, such as confirmation bias or overconfidence, can distort the decision-making process.
Decisions often have to be made without knowing all the facts, which can lead to risks.
In group decision-making, the desire for consensus can lead to poor decisions.