TOWARDS ENHANCED DECISION MAKING BY THE MSMEs

Nnabugwu Chizoba

In a previous publication on this Platform we noted that Knowledge and understanding of decision making models will contribute tremendously to enhancing the capacity of the MSMEs to relate, navigate and handle problems more effectively and remain active in business.

Please click the link below to read the previous document. In that publication a promise was made that a decision model will be treated in a subsequent publication.

Please click this Link:

https://www.belfordscorelines.com/2024/01/problems-or-challenges-of-personal.html

Sequel to that promise, the PACED decision making model is presented below for the interest of MSMEs, startups and those intending to go into business in the future. The piece will also be of benefit to the general reader, as it will also enhance the decision making efforts if mastered and applied correctly. Please read with interest and commitment and practice regularly to strengthen and facilitate your efforts at decision making.

For better understanding of the model, effort is made, first and foremost to un-bundle the acronym PACED by way of identifying what each letter of the acronym represents. Thereafter, a simple guide on how the letters or the word they represent is applied or used follows and thereafter, a brief explanation of each of the words is presented.

The PACED Decision making Model

Please note that the word PACED is a combination of different letters of the English alphabets. It is as represented an acronym standing for:

• P - Problem
• A - Alternatives
• C - Criteria
• E - Evaluate
• D - Decision

For ease of application and increased benefit of the Model to the reader, a brief guide is presented below. The reader is therefore encouraged to pay attention and read carefully first and foremost to decode clearly what each of the component words actually stand for, in order to grasp in detail the role that it plays in the model and how it combines with the other words in the model to create impressionable and sustainable impact.

The practice/application Guide

• P - State the Problem clearly
• A - List the Alternative options and actions to take
• C - Identify the Criteria
• E - Evaluate your options based on the identified criteria
• D - Take the Decision

The Problem - what is the Actual challenge, have you identified the real problem that needs to be resolved?

It is a fact that the effort at decision making is hampered, indeed a nullity if the real challenge, the core problem is not identified. Please note that the effort is to solve the problem not to treat the symptom (effect).

The Alternatives - what alternatives have you identified or provided in your effort at resolving the problem. Bear in mind that there is no problem that does not have alternative answers or solutions. If there are no visible alternatives to it, it is an indication that what you are dealing with is not a problem. If this be the case there's nothing you or anyone can do about the issue.

That personally you are unable to identify the alternatives yourself may not mean that the issue or challenge does not have alternative options. It may mean going beyond you in search of a solution.

The Criteria - what vital thing will accrue from resolving the problem? What will the efforts achieve? This serves as the measuring tool for each option or alternative.

The Evaluate - how well does each option address your need? What is the impact of each option when measured against your criteria?

Decide - based on what has been identified by you or your team, choose the best option to the prevailing circumstance. As a matter of fact, this option may not necessarily be the best in terms of your personal choice, interest or expectations, that is to say, it may not be your favorite position, but of course the best solution to your problem at the time.

Decisions involve trade-off: Giving up a little of your choice state, stand, position or comfort to get more and/or attract something of higher value.

Thanks for reading

 

Please do this again and again and again…And always remember that we are the two people outfit: YOU and Us