Decision making takes into account the past, present and future

Decision making takes into account the past, present and future

Is there a formula that helps decide matters ? Is decision making a science or an art? Going by experience I’d say that is a combination of both – using the scientific of knowledge with the personalized application called art.

Basically there are three types of decision making. The type is using given, fixed facts to make a decision where the approach is scientific in nature. The second type where conditions are unknown and decisions have to be made based on past experiences and are therefore more subjective in nature and are more in the realm of an art.. The third type is where it is a mix of science and art, there are some facts and some elements of experience that combine to help arrive at a decision.

What are the factors that have to be considered to determine whether the decision is a result of science or art ?

Decision making takes into account the past, present and future. Analysis of past performance, experience and the techniques used requires a personal approach, while trying to predict the future performance involves study of existing facts and figures. Hence the final decision making is both a science and an art.

Deciding between alternatives

Where deciding between alternatives, if you choose based on your own intuition and feelings, decision making becomes an art. When you analyse alternatives based on their relative merits and demerits, you are taking a scientific approach.

Some people feel that if the questions being asked about the decision to be taken are of a private or individual-based  nature then the decision making becomes subjective and personal and hence can be termed an art. However if the questions being posed relate to work or anything in the public domain, then decision making is a science and is based on a thorough analysis of facts and figures.

Since decision making is a part and parcel of an entrepreneurs daily activities, it becomes second nature to him to use both, his personal knowledge and the available information and hence decision making becomes an blend and fusion of science and art.