The Decision Strategist

The number of different decision making techniques that are available is astounding and bewildering. The techniques listed here include a short description as well as any links to articles discussing their use and files that are stored here.

• Pros-Cons-Fix (PCF): Used to choose between several options. The pros and cons of each option are listed, then the list of cons is examined to see if any fixes are available to address each con. The final step is relisting the pros and cons, excluding the cons which have been addressed with fixes. The strength of this method is that it eliminates cons which should not play a role in your decision. Can be mixed with PMI.
  • What Am I Doing With My Life? Part I and Part II

• Plus-Minus-Interesting (PMI): Similar to PCF, except that instead of listing fixes you list interesting factors for each option that could turn into a positive or negative. Each plus, minus and interesting is ranked on a scale to give you a total score for each option. Can be mixed with PCF.
  • Buy Or Rent Part II

• Cost-Benefit Analysis (C/B): Usually an entirely quantitative method, though it can incorporate non-quantitative factors. Adds up the costs and benefits to get a total value for each option. Useful in financial situations to estimate dollar value of propositions or investment strategies.
  • Buy Or Rent Part I

• Pareto Analysis: Used in prioritizing tasks or changes. Write out a complete list of the changes you are considering making and rank them according to a relevant measure. For example, if you are trying to improve your blog reader numbers, list out all the methods and rank them by which you expect to generate the largest return. Do that one first and proceed down the list.
  • Using Pareto Analysis to Allocate Time
• Paired Comparison: Used when facing multiple problems or tasks to prioritize them. Create a matrix with each task in a row, and the same list in column. Block out the bottom diagonal of the matrix. There should be one cell for each problem/task pair left. In each cell, compare the row task with the column task, indicate which is better and give it a score. To prioritize the list, add up the scores for each task and rank the tasks according to their total.
  • Using Paired Comparisons in Application Planning
• Reverse Ranking: Reverse ranking is just like Pareto analysis, except the ranking occurs from worst to best. When we face multiple options that all seem good, it can be hard to rank the best first and proceed down the line. In these cases, start by picking the worst option from the list and continue picking the worst until you are left with one option, which is your best one.

• SWOT Analysis: A strategic method for considering the pros and cons of a person or organization divided into internal factors that belong to the organization, and external factors that belong to the situation and environment. A SWOT Analysis is typically used as a starting point to develop a strategy for accomplishing a specific objective. Some people have criticized SWOT Analysis as being detrimental because it leads people to believe they have done sufficient planning once they’ve listed the positives and negatives.
  • SWOT Analysis for Personal Goals

• Weighted Matrix: A method for explicitly considering the different factors in a decision. Using a matrix with each option in a row and the important factors in each column, give each option a score for each factor. Each factor also gets a weight itself. By multiplying the score by the weight and summing up for each option, you can get an overall score that takes into account each options various strengths and weaknesses.
  • A Good Example is here: A Simple Multi-Criteria Decision Making Method

Other methods will be added as they are used in articles.

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