Top Five Management Decision Making Tips for MBA Students

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One of the major aspects of managing a business is the process of making decision making. Taking quicker decisions at the most appropriate situations is a skill that can be achieved through proper control of thoughts. Following are some of the tips for the decision making process.

1. ReAnalyzing the Problem
Whenever a new problem is faced it is good to view the problem from different perspectives. This will help in considering all aspects related to a problem and avoiding concentrating on one single problem.

2. Decision based on Evidence
The purpose of Evidence-Based Management is for making scientific evidence apart from following one person’s views. It is common for most people to reach decisions based on the similarity of circumstances faced before. It should be taken care that how you handled a problem before may not be useful in each and every case which is similar in nature. It is advisable to take decisions based on facts and performance rather than relating to previous experiences.

3. Challenging Existence
It is common for people to stay in the comfort zone and hesitate to make changes easily. It is always good to think about whether you will be approaching a problem from the same perspective to change the assumptions related to the problem.

4. Outside Perspective
It is always good to ask the opinions and suggestions from other people to understand different perspectives of the same situation. Viewing the same problem from different angles by different people give a more clear idea which will help in making decisions quicker. It is also good to ask the same questions in different ways to different people to understand how people analyse the problem.

5. Past Mistakes
It is quite for people to make decisions based on past experiences and sometimes the past experience might not have given the desired result. Instead of considering past experiences it is good to look at the problem as a new one and analyze carefully to reach the decisions.

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