Half day open training event held in Toronto, Ontario

1. All you need to know about decision
making
by Toronto Training and HR
August 2015

2. CONTENTS
3-4 Introduction
5-6 Definitions
7-8 Types of decision
9-10 Phases of decision-making
11-12 A scientific method of decision-making
13-14 Decision-making strategies
15-16 Structured decision-making and the DECIDE model
17-19 Actions observed in effective decision-making
20-21 Dimensions that support effective decision-making
22-23 Collaborative decision-making
24-25 Decision support tools
26-28 Approaches to streamline the decision-making process
29-32 Big data
33-34 Techniques to improve intuition
35-38 Patterns of ensemble decision-making
39-40 Developing a decision profile
41-42 Keys to making better decisions
43-44 Making decisions under stress
45-46 Complicating factors for decision-making
47-48 Pitfalls of decision-making
49-50 Conclusion, summary and questions
Page 2

3. Page 3
Introduction

4. Page 4
Introduction to Toronto Training
and HR
Toronto Training and HR is a specialist training and
human resources consultancy headed by Timothy Holden
10 years in banking
15 years in training and human resources
Freelance practitioner since 2006
The core services provided by Toronto Training and HR
are:
Training event design
Training event delivery
HR support with an emphasis on reducing
costs, saving time plus improving employee
engagement and morale
Services for job seekers

5. Page 5
Definitions

6. Definitions
• Decision-making
• Scientific decisions
• Artful decisions
Page 6

7. Page 7
Types of decision

8. Types of
decision
• Authority
• Agreement
• Alignment
Page 8

9. Page 9
Phases of decision-making

10. Phases of
decision-
making
• Recognition
• Deliberation and analysis
• Gestation
• Decision
• Rationalization
• Implementation
Page 10

11. Page 11
A scientific method of
decision-making

12. A scientific
method of
decision-
making
• Ask questions
• Do background
research
• Construct a
hypothesis
• Test with an
experiment
• Analyze results
and draw a
conclusion
• True or false
hypothesis
Page 12

13. Page 13
Decision-making
strategies

14. Decision-making
strategies
• Minimize
• Moralize
• Muddle
• Scan
• Deny
• Optimize
Page 14

15. Page 15
Structured decision
making and the DECIDE
model

16. Structured
decision
making and
the DECIDE
model
• Detect change
• Estimate significance of
change
• Choose outcome
• Identify options
• Do best option
• Evaluate results
Page 16

17. Page 17
Actions observed in
effective decision-making

18. Actions observed
in effective
decision-making
1 of 2
• Gather information
before making a
decision
• Cross check
information sources
for agreement
• Identify
alternatives/continge
ncies so that
possible solutions
may be explored
Page 18

19. Actions observed
in effective
decision-making
2 of 2
• Discuss consequences
of decisions in an
effort to enhance the
decision-making
process
• Provide the rationale
for decisions
Page 19

20. Page 20
Dimensions that support
effective decision-making

21. Dimensions that
support effective
decision-making
• Process
• Organizational
mindset
• Interpersonal
dynamics
• Information
• Timing
• Communication
• Motivation
Page 21

22. Page 22
Collaborative decision
making

23. Collaborative
decision
making (CDM)
• Definition
• Philosophy of CDM
• Points to remember
• Phases of CDM
development
• Benefits of CDM
• Barriers to CDM
• The bottom line of CDM
Page 23

24. Page 24
Decision support tools

25. Decision
support tools
• Conventional capital-
budgeting tools
• Quantitative multiple
scenario tools
• Qualitative scenario
analysis
• Case-based decision
analysis
• Information aggregation
tools
Page 25

26. Page 26
Approaches to streamline
the decision-making
process

27. Approaches to
streamline the
decision-making
process 1 of 2
• Approach the
process like an
investigation
• Gather a genuine
variety of opinions
• Limit under
influencing (or
priming) of opinions
• Keep track of
decisions over time
• Know your
competence
Page 27

28. Approaches to
streamline the
decision-making
process 2 of 2
Embedding these
practices
• Make decision-
process checks
• Follow a disciplined
decision process
• Regularly invite
stakeholder opinions
• No-blame reporting
• Realign incentives
• A specialist group
Page 28

29. Page 29
Big data

30. Big data 1 of 3 • What is data?
• Evidence-based
decisions
• Knowledge
• Information
• What is unique about
big data?
• How does big data
produce value?
Page 30

31. Big data 2 of 3 • Key questions to ask
• Quality data
management
objectives
• Costs associated with
dirty data
• Tools critical to
improve data quality
• Internal data-
individual,
company/institutional
Page 31

32. Big data 3 of 3 • Insights produced
from data
• Applications of data
visualization tools
• Challenges which
prevent organizations
from capitalizing on
big data
Page 32

33. Page 33
Techniques to improve
intuition

34. Techniques to
improve intuition
• Expand scope of
sources
• Develop more
alternatives
• Pay attention to trends
• Track what happens
Page 34

35. Page 35
Patterns of ensemble
decision-making

36. Patterns of
ensemble
decision-making
1 of 3
• Incubators
• Diplomats
• Engineers
• Directors
Page 36

37. Patterns of
ensemble
decision-making
2 of 3
Adopting the right
framework
• Understand which
blueprint leaders
prefer
• Continually asses how
your preferred
blueprint helps or
hinders your
organization’s goals
for global expansion
Page 37

38. Patterns of
ensemble
decision-making
3 of 3
Adopting the right
framework (cont.)
• Understand the
connection between
the blueprint and the
way the ensemble
operates
Page 38

39. Page 39
Developing a decision
profile

40. Developing a
decision
profile
Questions to ask
• Do I know what it will
take to succeed?
• Can I predict the range
of possible outcomes?
Page 40

41. Page 41
Keys to making better
decisions

42. Keys to
making better
decisions
• Perceptual acuity
• Qualitative
judgment
• Credibility
Page 42

43. Page 43
Making decisions under
stress

44. Making
decisions
under stress
• Ignore the problem
• Minor protective action
• Avoid the problem
• Panic or confusion
• Vigilance
Page 44

45. Page 45
Complicating factors for
decision-making

46. Complicating
factors for
decision-making
• Executives don’t know
what they don’t know
• Cognitive bias creeps in
• Organizational
processes get in the
way
• Decision makers tend
to rely on a single tool
• Managers don’t
consider the option to
delay a decision
Page 46

47. Page 47
Pitfalls of decision-making

48. Pitfalls of
decision-making
• Avoiding the decision
• Oversimplification of
the challenge
• Happy talk
• The time factor
• Magical thinking
Page 48

49. Page 49
Conclusion, summary and
questions

50. Page 50
Conclusion, summary and
questions
Conclusion
Summary
Videos
Questions