The_Essential_Manager_s_Handbook

MAKING DECISIONS / 213

Acting on your choice

Once the decision is made, you will

need to communicate it to those who

have been involved in the process as

well as those it will affect. Draw up

an implementation plan and delegate

authority to individuals who will be

held responsible for implementing the

decision. Appoint a project manager

and a project sponsor to oversee the

whole project where appropriate.

Evaluating the project

Once the project or task has been

completed, evaluate how it went. This

isn’t a witch-hunt, but an opportunity

to learn. Some of the best-performing

companies regularly reevaluate their

projects to gain insight and learning

for the future. You can even improve

your personal decision-making

ability by reflecting on what went

well and what did not.

DEALING WITH RISK

All decisions contain risks. To assess the riskiness of your alternatives, ask:

• What is the best outcome I can contemplate?


• What is the most likely outcome?


• What is the worst outcome I can contemplate?
  You can then estimate the probability of each outcome occurring
  and calculate the likely cost using a decision-tree diagram. However,
  regardless of the outcome of these calculations there are two further
  questions you need to ask:


• Can the project survive if the worst-case scenario happens?


• Am I prepared to risk that probability of failure?
  Your choice may depend on your appetite for risk. Others may have
  a different view, so ensure everyone understands the risks involved.

In focus

You will have to decide

whether one factor is more

important than another

US_212-213_Making_decisions.indd 213 01/06/16 12:03 pm