Guessing is not a strategy: How to build decision velocity with AI and real-time data
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Categories: tips
Projects need lots of decisions and often it can take a long time to get a decision made, especially if there are numerous levels of bureaucracy to get through. Time is money on many projects, and while I don’t often come across project teams sitting around waiting for a decision before they can move it forward, I am aware of several projects where stalled decisions have impacted delivery dates and tasks on the critical path.
Speedy decision making relies on people actually thinking the problem through, gathering data and coming to the decision – and, of course, speedy decisions are not always the best decisions.
When the decision is under your control, you’ll have to make it. How can you be better at decision-making? Here are 5 tips to help.
1. Consider the long view
Think forward: what decision would you wish you had made next month? Next year? In five years? Approving overtime might feel like the right thing to do now but how will you feel about it on your next project when you’ve already set the precedent and the team are expecting to be paid for extra hours?
Think about the long view as it relates to your decision. This will also help you put the decision in perspective. Remember back to when you took your school exams. I expect the results meant a great deal to you then, but you probably don’t even put them on your resumé any longer. The significance of actions changes with the passing of time, so think about how you’ll feel about this decision in 10 years – you’ll probably realise that it isn’t that big a deal after all.
2. Cut out data
What data do you really need to make this decision? Strip away everything else. It might be nice to know the resource allocations for the next month, but if that doesn’t have a bearing on whether you accept a schedule change or not then they shouldn’t be taken into account.
Make sure that you are using the right data, not any data to make your decisions, and go for the minimum possible. This will help cut the mental clutter and make it easier for you to see what needs to be done.
3. Understand the impact
What’s the impact of this decision? What will happen if you don’t make it? Sometimes understanding the ramifications of a quick/slow/positive/negative decision can help you tackle it effectively (or at least gather the right information to help).
I’ve often found that the larger the impact, the easier it is to make the decision. Sometimes small decisions seem the hardest because there tends to be less clarity about the appropriate route forward.
4. Lose the emotion
We all get attached to our projects and teams but it is best to take the emotion out of decision-making. Think about what is best for the project and the company. For example, it might be an unpopular decision to reject a change from the Marketing department, but if it doesn’t help the project meet its objectives and it costs a lot of money, then it isn’t a smart thing to recommend to your sponsor. After all, your sponsor can choose to accept or reject it – you are just putting forward an emotion-free assessment of the change.
5. Intuition isn’t always right
Many project managers report ‘going with their gut’ when it comes to making decisions or working out how to resolve problems on projects. However, the application of some technique does have benefits. Your intuition isn’t always right – ever been caught out in the rain because you figured it would be dry all day so no need for an umbrella? You can’t rely on your gut when project dollars are at stake.
Choose the right data to support your decision. By all means include some ‘gut’ in your decision-making process but be able to back it up in case anyone asks you why you’ve made that choice.
What decision-making tips and techniques do you use, or do you tend to simply go with what feels right? Let us know in the comments.
Posted on: July 08, 2014 10:47 AM |
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