Critical Elements for Better Decision-Making
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Watch full livestream here: https://www.lucidchart.com/pages/webinars/critical-elements-for-decision-making When critical elements are missing in the decision-making process, it leads to poor decisions and failed projects. By applying appropriate and key steps to this process, your organization will be armed to make good, effective decisions. Join Business Analysis Pro Steven Hodnett as he shares these critical evaluation steps and how to incorporate diagrams into your decision-making framework.
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Critical Elements for Better Decision-Making
- 1. Critical Elements for Better Decision-Making Steven Hodnett Former President IIBA Salt Lake City chapter Polly Phillips Product Marketing Manager Lucidchart
- 2. Strategic Decision-Making There are no shortcuts when it comes to effective decision-making // making the right decisions
- 4. “Top ten pitfalls of strategic failure” -Chris Outram Founder of OC&C Strategy Consultants Insead, October 14, 2014 Emotional business Lack of attention to the business environment Communication Responding to the market
- 5. Factors That Lead to Poor Decision-Making Inaccurate or incomplete SWOT analysis Solution before analysis Cumbersome formal documentation #1: defining the problem and why it needs to be solved Failure to align top-down strategy with bottom-up capabilities and requirements
- 6. Factors That Lead to Poor Decision-Making Inaccurate or incomplete SWOT analysis Solution before analysis Cumbersome formal documentation #1: defining the problem and why it needs to be solved Failure to align top-down strategy with bottom-up capabilities and requirements Missing this will lead to a substantial gap in execution!
- 7. Create a Framework for Effective Decision-Making
- 8. Define the type of analysis to use and when to use it SWOT Business Model Canvas
- 9. Diagram toolbox Mind Maps Venn DiagramsProcess (Workflow) Modeling System DiagramsStakeholder Diagrams Other Diagrams and Models
- 10. What problem am I solving? Why am I solving it? THE MOST CRITICAL ELEMENT OF DECISION MAKING
- 11. Why do I need to employ decision-making tools?
- 12. 33% Engaged 67% Untapped ideas, input, & goals Source: Gallup (2017)
- 13. Decision-making needs to be pushed through the entire organization Tools should be understood and usable across the organization
- 14. Why Lucidchart? ● Lucidchart provides the tools that facilitate improved decision making ● Organizations can build a framework for better decision-making and employ the right Lucidchart models within the framework. ● Lucidchart enables all levels of the organization to employ agile technologies throughout the boardroom ● Agile bootcamps for C-Level executives and CEOs are emphasizing the need to leverage interactive tools for better decision making ● Lucidchart coordinates strategy with execution
- 15. Q&A
Editor's Notes
- emotional business does the team around you understand and know how to execute the strategy? do you overestimate your business model and ability to execute (big pitfall) lack of attention to the business environment are you moving with speed and pace? (constantly challenging assumptions) succumb to short-term wins verse long-term positioning is your organization falling prey to external trends? are customer needs shifting? what shifts are occurring in competitor motives? responding to the market how do you react to structural changes in the market (Kodak) failure to focus (right brands and product lines) Communication inability to communicate strategy unable to translate strategy into purpose unable to fix accountability
- Inaccurate or Incomplete SWOT Analysis Failure to consider organizational strengths, weaknesses, opportunities and threats Incomplete evaluation of product positioning and product strategy Solution before Analysis Analysis first ==> Solution Second Systems to solve undefined problems frequently become an agitation not a solution Cumbersome formal documentation Lengthy planning documentation (100 page Powerpoints) are labor intensive Assemble from multiple sources Keep current with constant updates (source to presentation, etc.) Inflexible - formal change process (labor intensive) #1 Defining the Problem and Why It Needs to be Solved What is the problem? Why are we solving the problem? What value is gained from solving it?
- Inaccurate or Incomplete SWOT Analysis Failure to consider organizational strengths, weaknesses, opportunities and threats Incomplete evaluation of product positioning and product strategy Solution before Analysis Analysis first ==> Solution Second Systems to solve undefined problems frequently become an agitation not a solution Cumbersome formal documentation Lengthy planning documentation (100 page Powerpoints) are labor intensive Assemble from multiple sources Keep current with constant updates (source to presentation, etc.) Inflexible - formal change process (labor intensive) #1 Defining the Problem and Why It Needs to be Solved What is the problem? Why are we solving the problem? What value is gained from solving it?
- SWOT Analysis - Organizational Strategy, Product Strategy, Market Strategy Business Model Canvas Brainstorming & Ideation Key Activities/Resources Needed to Produce Products, Services, Support, etc. Value Proposition: What does the organization, customer gain? Customer Relationship - How does the organization interact with its customers? Delivery Channels - How do we deliver product? Why do we deliver that way? Customer Segments - How are they defined? Why are they valid?
- Process (Workflow) Modeling // (Current State v. Future State) Mind mapping // Enable brainstorming and idea generation - problem definition Venn Diagrams // Compare separate elements and overlapping relationships System Diagrams // Define system data flows and integration points Stakeholder Diagrams // Who is impacted? What is their role? Other Diagrams and Models suited for your business
- What problem am I solving? Why am I solving it? This is worth repeating because it is the most critical element of decision making What is the value of solving this problem. Is it worthwhile? A product is a means to solve a problem - remember the problem/issue (focus) Systems solve problems, but the system must focus on the core business problem What diagrams / analysis will help me best analyze the problem? Do I have enough information about the problem I am solving? Engage stakeholders and ask questions Conduct market research and learn as much as you can about the issues you face Because a solution is rated #1 does not mean it is #1 for your organization. Am I viewing the current challenge the right way? Do I need to look at this problem more than one way? Example: Decreasing inmate recidivism (improved rehabilitation)
- According to Gallup (2017), 33% of US workers are Engaged → 67% have untapped ideas, input and goals Lengthy slide presentations and stale business plans don’t add to engagement Organizations need an agile framework for analysis and decision making Tools should be understood and usable across the organization Agile tools for analysis can bypass hierarchal limits to facilitate decisions Collaborative decision making provides insight not found in isolation Teams will take ownership of a goal and vision Input leads to better outcomes Engagement increases with responsibility for outcome
- According to Gallup (2017), 33% of US workers are Engaged → 67% have untapped ideas, input and goals Lengthy slide presentations and stale business plans don’t add to engagement Organizations need an agile framework for analysis and decision making Tools should be understood and usable across the organization Agile tools for analysis can bypass hierarchal limits to facilitate decisions Collaborative decision making provides insight not found in isolation Teams will take ownership of a goal and vision Input leads to better outcomes Engagement increases with responsibility for outcome
- The reason I am excited about Lucidchart is it provides the tools that facilitate improved decision making Organizations can build a framework for better decision making and employ the right Lucid models within the framework. The Lucid tools enable all levels of the organization to employ agile technologies throughout the boardroom. Agile bootcamps for C-Level executives and CEOs are emphasizing the need to leverage interactive tools for better decision making Lucidchart coordinates strategy with execution