2 | Five-Step Model for Making Strategic Decisions
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2. Gather Information — Seek information
on how and why the problem occurred:
• Stakeholders: Talk to individuals or groups
affected by the problem.
• Facts and data: research, benchmarking
studies, interviews with credible sources,
observed events.
• Constraints: Lack of funding, resources,
cultural barriers.
• Ask: What am I not seeing? What have I
missed?
3. Develop and Evaluate Options — Generate
a wide range of options:
• Choose options that show promise, need
more information, can be combined or
eliminated,
or will be challenged.
• Weigh advantages/disadvantages of each.
Consider cost to the business, potential loss
of morale/teamwork, time to implement the
change, whether it meets standards, and how
practical the solution is.
• Predict the consequences of each option
("If/Then" or "What if?").
• Ask: What is the worst solution?
4. Choose the Best Action — Select the option
that best meets the decision objective:
• Consider factual data, your intuition, and
your emotional intelligence when deciding
a course of action.
• Accept that the solution may be less
than perfect.
• Consider the middle ground. Compromising
on competing solutions may yield the best
decision.
5. Implement and Monitor the Decision —
Develop a plan to implement and monitor
progress on the decision:
• Step-by-step process or actions for solving
the problem.
• Communications strategy for notifying
stakeholders.
• Resource identification/allocation.
• Timeline for implementation.
• Measurements/benchmarks to gauge
progress.
In business (and in life), decisions can fail because
the issue has not been clearly defined and
alternatives have not been carefully considered.
Rather than delay the decision or make one based
on faulty information, this model ensures that the
right problem gets solved at the right time and in
the right way.