How to Choose the Appropriate Decision-making Method

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Decision-making and Valuation > Best Practices > How to Choose the Appropriate Decision-making Method

How to Choose the Appropriate Decision-making Method
Anneke Zwart, Student (University), Netherlands, Member
Most decision makers in organizations rely on conventional decision-making tools - even in situations of high complexity and uncertainty. However, these basic tools are based upon the assumption that decision makers have access to all information that is needed. Therefore, these conventional tools can only work in stable contexts. See also the or to appreciate the difference between these decision-making circumstances/contexts: in uncertain and complex environments the conventional tools are useless, mainly because of the lack of reliable and complete information. The problem with the above is not the absence of alternative tools; rather, it is the lack of clear guidance about how and when to use what tools. As a result, managers will use only those tools that they are highly familiar with, instead of using the most appropriate tools. Courtney et al. (2013) explain a model of decision making that matches the right tools to the decisions to be made. Their model is based on three (...) Read more? Sign up for free

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