Andrew Malek discusses the different types of decision-making strategies
Andrew Malek is a former CEO and President at New York-based firm AKRF. He possesses over two decades of experience in serving many roles as a dynamic senior executive, technical director, vice president, project manager, project engineer, and supervising engineer.
Andrew is a licensed professional engineer who holds a Bachelor of Science in Civil Engineering from the Florida Institute of Technology. He is also an inspirational and optimistic leader who can recognize the talent, create and build trust with people.
Here, Andrew Malek, the proven leader, elucidates some of the major decision-making strategies which can be very beneficial to the business environment. “The decision-making process can be either simple or complex” reveals dynamic executive. However, for important and complex decisions one may require to invest a lot of time, do research, and brainstorming to come with the right conclusion.
Four major decision- making strategies are described below:
The Single-Feature Model
It is one of the decision- making a strategy that is most effective in making decisions where the situation is quite simple and requires no time investment. Henceforth, it is not recommended as the best strategy in making decisions when dealing with more complex situations.
The Additive Feature Model
The additive feature model is a great way to determine the best option for a variety of choices. It takes account of all crucial features of the possible choices and then evaluating each option systematically. This approach inclines a better method when making more complex decisions. Mr. Malek further continues, “It can be quite time-consuming and is probably not the best decision-making strategy to imply if you are pressed for time.
The Elimination by Aspects Model
In this approach, the main objective is to eliminate each option when it fails to meet the criteria that you have established. Then you remove the item off from your list of options. This process continues until the list of possible choices gets smaller and smaller until you eventually arrive at just one alternative.
Making Decisions in the Face of Uncertainty
The previous three processes are often used in cases where decisions are pretty straightforward” according to Andrew Malek, he continues, “but what happens when there is a certain amount of risk, ambiguity, or uncertainty involved?
Well, in that case, people tend to employ two different decision-making strategies: the availability heuristic and the representativeness heuristic. Andrew states that “a heuristic is a technique to problem-solving or self-discovery that allows people to make decisions and judgments quickly.