Monday, January 25, 2016

Impact of Information On Decision Making To Make it Informed Decision

Information Helps in making a valued, informed and wise decision

Information has a direct impact in assisting you to make an informed decision

An informed decision is the outcome of a well-researched information

There has to be a continuous effort to make your every decision an informed decision. There is no dearth of information. There is no end to the refinement of an informed decision. The more information you churn out the more is you near to an informed decision. An informed decision helps you in making a wise decision. Without information is like swinging your bat in the air without understanding the ball thrown by the bowler. If a batsman does his homework well before getting into the field it helps a lot. If the batsman learns well about the bowlers in the opponent team it will help him in forming his strategy well. That is the impact of information on decision making.

Be it a case of buying your next vehicle, or a new house, a good amount of information is always desired to make it an informed purchase. The informed purchase comes from an informed decision. It is always good to give your best in all your efforts. It is wise to put efforts in advance rather than repenting on your decisions later. A bad decision can haunt you for long thereby making your life miserable. Before making any decision, make it a discipline of gathering as much useful information as possible. There is a systematic approach required in making all your decisions as informed decisions.

Impact of Information On Decision Making To Make it Informed Decision
Photo credit: CJS*64 "Man with a camera" via / CC BY-ND

The first step is to gather right information. It is important to understand the value of right information from information. If you do a lot of efforts and collect all kind of rubbish information that is of no use, it will never suffice your purpose. This will merely be a waste of time and energies. Once you have gathered right information, it is important to churn it out well to sort it out on the basis of its importance. All the information you gathered might be important but it is good to sort it out based on your priority or need. Workout well on the top ranked information. Apply 80-20 rule. 80% of the value of information that can help you in making your valued decision will lie in 20% of the total information you gathered. That is why churning and sorting are very important.

Next step is to understand the pros and cons of the decision you are going to make on the basis of this information. The informed decision does not guarantee 100% success. Nothing can assure you 100% foolproofing. Nothing is 100% risk-free in life. The effort must go in making it least risk prone. Minimizing a risk is better than mitigating a risk. While minimizing will require fewer efforts in a concrete manner. Mitigating a risk completely might not be possible in all cases.  That is the impact of information in making a valued and informed decision. 

This blog post is inspired by the blogging marathon hosted on IndiBlogger for the launch of the #Fantastico Zica from Tata Motors. You can  apply for a test drive of the hatchback Zica today.
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