Decision Making Process Part 5i – Evaluate the Process

For the eighth and  final step in the decision making process you will evaluate the process itself. You do this in the spirit of continuous process improvement. This will improve your future decision making process and outcomes.

Here are some questions to ask yourself regarding your process:

  • For good outcomes:
    • What process steps were the most useful?
    • What could you have done to make the good outcomes even better?
  • For negative outcomes:
    • Did the process fail or was it circumstances beyond your control?
    • Did you skip steps?
    • Were there some steps you did not give sufficient time and energy?
    • Did you anticipate and plan for this negative outcome? If not, what would you have done different?

The next post will be the final post in the Decision Making series and I will summarize and give you some additional thoughts on the topic.

Decision Making Process Part 5h – Evaluate the Outcomes

At an appropriate point in time after you have made the decision, you should evaluate the outcomes as part of a program of continuous improvement in the decision making process. Here are the steps to take:

  • Revisit the “measures of success” you defined in the first step in the process. In that step, you determined what success would look like and how you would measure success. This is the time to take those measurements.
  • Evaluate the “degree of success” for each measure. Not all of your success criteria will be a binary “yes or no”. Often you will have achieved some measure of success but perhaps not all you targeted. This is a key input to the next step.
  • Determine if additional activity, time or resources will increase your degree of success. This is a key decision point. You don’t want to “throw good money and time after bad” hoping to succeed. You will need to decide if the calculated risk of continuing to invest more in the decision is worth it to you. Employ the same decision making methodology for this as used in the original decision.

In the next post I will present the final step in the 8 step process, where you evaluate the process itself to help you improve your future decisions.

Decision Making Process Part 5g – Make the Decision

At this point you have created a vision of the end result, analyzed your alternatives, identified and mitigated your risks, made contingency plans and distanced yourself from short-term emotions. You should also understand the constraints that limit your choices (e.g. “I can’t move from my current home”).

It is now time to make the decision. You will compare all of your alternatives, with an understanding of the range of outcomes and risks, and make and commit to a decision with confidence. There will be no need to look back with regret, no matter the result, because your process was sound and you made the best call based on the information available to you.

At this point you should prepare a timeline of major milestones. These are significant points in time where something (good or otherwise) should have happened by then and you will use those milestones as opportunities to evaluate your decision and make course corrections if necessary.

Decision Making Process Part 5f – Make Contingency Plans

Once you have identified your most important risks the next step is to make sure you have at least one contingency plan (aka “Plan B”) for every risk. These are alternate plans you will use in case the risk occurs despite your efforts to mitigate. For example, if you are buying a new home and expect to close on a certain date, you should have contingency plans for living arrangements and storage in case the date moves out.

Here are a few ideas to help you identify the kinds of contingency plans you may need:

  • Conduct a “pre-mortem” – This is a look into the future where you ask yourself “My decision failed – what were the causes?” Was it lack of time, money, or support? Were you being too ambitious?
  • Conduct a “pre-parade” – Ask yourself “My decision was wildly successful – what were the reasons?” Brainstorming the answers to this question will help you avoid problems and identify ways to ensure success.
  • Set a milestone – This is a point in time where you will evaluate your efforts and decide to carry on, make a course correction, or stop altogether. This will prevent you from falling into the “sunk cost” trap (Where you continue with a bad investment in time or money simply because you already have invested so much).
  • Be prepared for unexpected success – Your endeavor may be more successful sooner than you anticipated. This might mean more of your time and money to keep up. Be prepared in advance to react quickly.