In today's fast-paced and interconnected world, effective decision-making stands as a critical competency for leaders navigating complexity and uncertainty. This paper explores the multifaceted nature of decision-making, integrating both the art and science behind making informed and impactful choices in organizational contexts. The study begins by examining the cognitive processes and psychological biases that influence decision outcomes. It discusses how leaders can recognize and mitigate cognitive biases, leverage decision-making heuristics, and promote rational thinking to enhance the quality of their decisions. Furthermore, the paper explores the role of data-driven decision-making in leveraging information and analytics to inform strategic choices. It addresses the importance of collecting, analyzing, and interpreting data to support evidence-based decision-making, emphasizing the integration of technology and analytical tools in enhancing decision-making effectiveness. Strategic decision-making frameworks are also investigated, including methodologies such as scenario planning, risk assessment, and decision trees. These frameworks provide leaders with structured approaches to evaluate alternatives, assess risks, and optimize outcomes amidst complexity and uncertainty. Ethical considerations in decision-making are critically examined, highlighting the importance of integrity, transparency, and accountability in leadership decisions. The study emphasizes the role of ethical frameworks and stakeholder engagement in ensuring decisions align with organizational values and contribute to sustainable success.
HTML PDFShare this article
Entrepreneurship & Organization Management received 1115 citations as per Google Scholar report
