Decisions. Decisions. Decisions. An average human indulges in about 35,000 different types of decision-making in their regular life. This number is only increasing upward, given the unique choices we are bombarded with in the new era of technology.
Now, while making these thousands of decisions, you might have noticed that we humans use certain distinct types of decision-making styles. When you give it thought, you will notice that some decisions are quick while others are more rationally thought and involve a lot of back-and-forth and deliberation. There are others that are reversible and those that are irreversible.
Understanding the various types of decision-making styles is essential because it not only allows you to make better decisions but also helps you know how other people function. Wouldn’t it be amazing if you could learn common types of decision-making styles to come to your conclusions easily and understand others’ choices as well?
Sounds cool, right?
Well, we have got you covered, pal! In this post, we are going to dive deeper into the various types of decision-making styles and understand their process. Let’s get started.
3 Different Types Of Decision-Making Styles
1. Rational-Based Decision Making
Do you need to make high stake decisions that significantly affect the lives of those around you? If yes, rational-based decision-making is the perfect style for you. It allows you to weigh both sides of the coin before taking the plunge. Using the rational type of decision-making style, individuals define the problem statement and then carefully analyze all criteria. Following this, they generate a potential list of alternatives and determine the best possible solution from it.
Rational-based is one of the best types of decision-making styles as it reduces the possibility of faulty assumptions through careful deliberation.
2. Bounded Rationality Decision-Making
In the rational-based decision-making style, you try to find the best possible solution. On the contrary, in bounded rationality decision-making, the aim is to find a good-enough solution.
Bounded rationality is generally used when people do not have much time to deliberate on the alternatives. It is used when making an okayish decision in less time is far better than making the perfect choice beyond the scope of available time. Moreover, it saves you a lot of mental energy that goes behind finding the best choice.
Read more: 4 Ways To Combat Decision Fatigue
3. Intuitive Decision-Making
It might be surprising to most, but even when you think you are making a decision on a hinge or intuition, you are actually using one of the types of decision-making styles.
While intuitive decisions happen suddenly, this does not mean they come to your mind out of the blue. Your brain is actually working in a lightening fast mode while making intuitive decisions. It is deducing patterns from the times when you have been in similar situations in the past and helping you make a choice.
Researchers from Boston University have found that intuitive decision-making is the best while making decisions in one’s field of experience or expertise. However, going by your gut feeling can prove costly when faced with uncertain and new circumstances.
The average human indulges in thousands of different types of decision-making situations in their daily life. All these decisions are made using different styles like rational-based, intuitive, or bounded rationality-based. Understanding the various types of decision-making styles helps make good choices.
Being decisive is extremely important to a person’s professional and personal growth. To learn more about how to be more decisive in life, click here.
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