Managerial Decision Making Process - How to Make Good Decisions

I've had people tell me that I think and act faster than anyone they've ever met, and the reason is because I learned to make decisions at an early age. By the age of 25, I was supervising the engine room of a nuclear powered submarine and I had to be able to quickly figure out what was going on and make good decisions because people's lives depended on it. 

And this week I'm gonna give you four tips on how to make decisions and a special bonus, so make sure you stick around to the end.

Hi, I'm Roman Ryder, and on this channel I talk about leadership and personal development. If you're new to my channel, please click below and subscribe; I put out new videos every Friday and you don't want to miss out.

Tip number one is to get the facts. I always say that great leaders ask great questions. When you become a leader, you don't always want to be the smartest person in the room, but you do want to ask the best questions in the room so you can find out exactly what's going on and get all the facts.

Tip number two is to consider the consequences. You want to think about all the different possible outcomes from your decision and decide if it's a low consequence or a high consequence decision, and that way, you know the best way to move forward. 

Tip number three is to consider the timing. You need to decide if this is a decision that has to be made right now or if it can wait 'til later, because if it's a high-consequence decision, you may want to put it off until later or sleep on it or gather some more information.

Tip number four is to consider the players. Sometimes it's not your decision to make. I remember one time when an engineer and I got together and we decided to repair a pump, and it turned out the repair cost was way above my approval amount, so sometimes, it's not your decision to make, so make sure that you don't jump the gun, and consider everyone involved.

Alright, and this week's bonus is to find out if they already know. Sometimes, if you've done a good job with surrounding yourself with good people, they already know what to do. They just don't want to make that decision and take responsibility. So ask them: what do you think we should do? And find out if they already know.

I'm a visual person and I cannot resist the irony of making a decision tree for making decisions. So if you look in the description below, I'm going to include the link to that file, and when you download that file, you'll be the first to know about our free course I'm going to put together on how to make decisions, because I literally had pages of notes when I put together this video and I've got a lot more I'd like to share, so make sure you check that out.

If you like this video, hit the like button below. Share it with your friends and don't forget to subscribe. Thanks for watching and I'll see you in the next video.

https://youtu.be/7KtOZ8AqftY