Successful and an Unsuccessful Decision

Topics: Decision making, Decision theory, Risk, Cognition / Pages: 3 (594 words) / Published: Nov 5th, 2012
What do you see as the main difference between a successful and an unsuccessful decision? How much does luck versus skill have to do with it? How much time needs to pass to know if a decision is successful or not?
The ability to decide and choose wisely and rightly is often a matter of how the problem was posed. Though we try to be as logical as possible in taking a decision, sometimes we end up making illogical choices or choices that in fact were good but ended up with failure. So, it is important to understand how people decide things to avoid bad judgments.
Decision making refers to “making choices among alternative courses of action—which may also include inaction”. In order to make a wide range of decisions, individuals throughout organizations use the information they gather. These decisions will then change the course of an organization, as well affect their lives. Making successful decisions is certainly the most important task of a manager and it is often a very difficult one. Success may be defined as “the achievement of something desired, planned, or attempted”. In order a decision to be successful, a company should make sure that they make the best choice by going through the formal steps of the rational decision-making model. The rational decision-making model describes “a series of steps that decision makers should consider if their goal is to maximize the quality of their outcomes”. This is the main difference between a successful and an unsuccessful decision; by not considering these decision-making models, a company’s goal can fail just because they do not go through the necessary steps which are: Identifying the problem, establishing decision criteria, weigh decision criteria, generate alternatives, evaluate the alternatives, choose the best alternative, implement the decision, and evaluate the decision (Steps in the Rational Decision-Making Model).
When it comes to luck and skills and their relation to success, I think there are two

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