- First, there is Logic and Intuition and these should align and agree with each other. If not you should look for an alternative solution for the problem.
- Then list the Pros and Cons for the remaining solutions in Excel.
Rate each solution based on pros and cons.
- Remove the options that don't qualify for "Must Haves" that you choose.
- Risk analysis:
- The probability of succeeding in the solution X The amount you are going to make = The logical value of the plan of action.
- The probability of failure X The amount you are putting in = The risk you are taking
After these steps, you will need to involve other people in making decisions, keep in mind that groups take more risky decisions so you can choose one person to be the black hat wearer and always negative so it can remind everyone of the risks.
Extra tips for decision making:
- Cut your losses as soon as possible and don't look at the amount you invested in the plan. Think of all the options going forward and forget the past.
- Be careful of framing (90% success rate = 10% failure rate) (Old vs. Vintage) so use the neutral words and compare same qualities.
- If the options are too close, just choose one and go with it.
- Take the simplest solution.
- Delegate the solution if they are still the same.
- Consider implementation pros and cons.