What makes for effective decision-making?

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What makes for effective decision-making?

I was talking with a friend about decision-making and decided to put together a list of principles for effective decision-making. This is my first shot. What do you think? What would you change?

  1. Effective decisions require that the right people are making them at the right time.
  2. It is imperative that the decision-makers understand the nature of the problem, why a decision is required, and what they are trying to achieve
  3. The decision-makers need reliable, complete and accurate, current, and timely information.
  4. Everybody whose information and insight into the situation and the effects of a decision should participate. The level of each individual’s participation may vary depending on such factors as how much they will be affected, the information and insight they offer, and so on.
  5. The alternatives should be identified and their potential effects on success understood.
  6. Consideration should be given to both the potential for harm and the opportunity for reward, recognizing that there may be both multiple ‘risks’ and multiple ‘opportunities’, with reliable analysis that weighs all the pros and cons in a disciplined manner.
  7. The depth of analysis and the time taken will vary depending on…

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