Idea Management:

Fast Decision Making

Fast Decision Making Techniques

Techniques for Fast Evaluation and Selection of Innovative Ideas and Making Strategic Decisions

 

Vadim Kotelnikov personal logo Vadim Kotelnikov

Founder, Ten3 Business e-Coach Inspiration and Innovation Unlimited!

 

"Whenever you see a successful business, someone once made a courageous decision." Peter Drucker

 

Fast Decision Making Fast Decision Making Techniques 80/20 Principle Guiding Principles Idea Evaluation By Weighted Criteria 4x2 Perceptual Positions Vadim Kotelnikov Fast Decision Making Techniques, Fast Idea Evaluation

 

 

Bonus Quick Decision Making Technique

Toss a Coin

Whenever you're called on to make up your mind,

And you're hampered by not having any,

The simplest way to solve the dilemma you'll find,

Is simply by flipping a penny.

No, not so that chance shall decide the affair,

As you're passively standing there moping.

But as soon as the penny is up in the air,

You'll suddenly know what you are hoping.

Piet Hein

Great Thinker 360

 

 

 

Idea Management

Creativity Management in Your Business Environment

Letting the Best Ideas Win

Cross-pollination of Ideas

Brainstorming

How To Run a Brainstorming Session

10 Brainstorming Rules

Fast Company

Making Quick Decisions

Guiding Principles

Selected Techniques for Fast Decision Making and Idea Evaluation

Once you come up with a business idea, you need to know how to assess whether it is worth pursuing.

The ability to make strategic decisions quickly is vital to your success and survival in the increasingly competitive marketplace.

Smart, creative people can generate lots of good ideas for projects. You need to develop some sort of objective prioritization criteria to be able to separate the high potential and high priority ideas and projects from those that are less important.

At the end of an  ideas campaign or the idea generation phase of the brainstorming session, you should also be able choose the ideas you wish to take further quickly. A good brainstorming session can generate a lot of ideas. If you have no means of determining which ideas will best meet your needs, it is all too easy to become overwhelmed by ideas and select none of them, or to choose to implement one of the most obvious but least effective ideas.

The best approach is to choose the best ideas from all ideas generated in the brainstorming session and then evaluate them. Normally, you should determine the evaluation criteria and the evaluators before you begin your brainstorming session.

Use the three-step approach to choose the most promising ideas.

Step 1. Quickly reject ideas which you do not want to follow up. Ideas should be rejected because they do not solve the problem, are irrelevant, do not fit your firm's guiding principles, are duplicated, or are clearly impossible. Do not reject ideas which are simply difficult or weird. Such ideas could later prove to be your best ideas.

Step 2. Select the best remaining ideas. The 80/20 Principle can help you to do so: look through your list of ideas and circle the 20% that will yield 80% of the results you are looking for. Do try to include some wild ideas even if you believe they are near to impossible to implement. Divide ideas into two groups: (1) the ideas you are likely to implement in the short term and need to evaluate immediately; (2) the ideas that should be saved for future evaluation and implementation.

Step 3. Evaluate the most promising ideas. Have the evaluators rate each idea against each criterion. The following methods can be used for idea evaluation:

The 5x5 evaluation matrix is the simplest one. You determine five criteria and compare each idea to each criterion, giving it a score of 0 to 5 points depending on how well the idea meets the criterion. Add up the scores and multiply by four and you have a percentile score for each idea. This facilitates easy comparison of ideas.1

Evaluators should also be able to add remarks to the evaluation. This will allow them to clarify scores and explain how the idea could be modified to improve its score.

Intuition

The best and fastest decisions are made from intuition which is drawing from your knowledge, experience, and your ability to receive and interpret signals from the Universe. Your rich experience is key to building your intuitive decision making ability. The more patterns and happenings you get exposed to, the more your intuition can draw from experience and statistics... More

A Joke about Fast Evaluation of New Ideas

The Company Director to the Board Chairman: If any new ideas come up while I am out of the meeting for a brief phone call, my vote is 'No.' ... More

 

 

Further Reading:

  1. Evaluating Business Ideas