Business Management – The Paralysis Analysis Disease of Indecision Making

In business decision making is a very important skill for the manager or executive to have. A person who can make the right decisions and make them quickly will have a fast track to the top corporate office.However, in today’s business world many executives and managers find the ability to make decisions very difficult. There are many reasons why this can happen. It can be the result of a lack of confidence in one’s ability or it can be a result of receiving the wrong or inaccurate information. It can also be a result of poor management or training. One persuasive factor is that a lot of managers get buried in the huge amounts data, analysis and research findings that many organisations produce these days.With all this information that is at their disposal it is very easy for managers and executives today to become bogged down with what is called paralysis by analysis. The overloading of information creates procrastination because there is always another piece of information needed to make the perfect decision. This type of thinking is best avoided because in the real world there is no such thing as waiting for the perfect decision because it does not exist. Waiting for more information is a waste of time. Time is money in business and decisions need to be made based on the best information that is at hand. There is no point in delaying matters if the delay will actually cost more than the outcome of the decision.It is very easy to put things off. However, if action is delayed then the information and data will have to reviewed again. During the delay the business environment may have changed which may require the update of more information and the vicious cycle continues. If a decision is taken that did not result in the desired outcome then the damage will be limited by the action being taken quickly. Also mistakes provide valuable information of things to avoid in the future.In order to make decisions quickly and effectively a manager or executive needs to be able to identify the difference between facts and information. Data is basically a compilation of facts and other people’s opinions on certain matters. Information also includes facts however, these are presented in a format that will assist you to make business decisions. The real key difference between information and facts is the value it provides. When you are looking through data get into the habit of how this data can provide you with value.