Decisions

Decision Making

Sound decisions are taken by managers who are well informed, ask the right questions and employ the right people. Cubes3 can help to build decision tables, prepare quality decisions and independently review decisions proposed by Management teams.

Decision Quality

Decision Quality is measured by reviewing six essential elements in the decision ’chain’ (Matheson 1998):

1.Clear perspective and understanding of business and social environment

2.Viable alternatives created to compare options and pick the best

3.Sufficient and reliable data are available to understand uncertainties and risks

4.Clear decision criteria, values and trade offs are shared by the key stakeholders

5.Logical reasoning to support the decision

6.Commitent to action once decision is taken, providing staff and budget

The decision chain is as strong as its weakest link.  It is of course vital to involve the right people to deliver the six elements in the decision chain.

Floating drilling and production vessel

Decision Gates

Projects need to be assessed on technical, economic, commercial, organisational and political aspects and all of these need to be well understood to make the right decisions. A decision Maker should  therefore never act alone (s)he needs to collaborate with specialists and experts in the field and get input from a Management team where different disciplines are represented.

Decision and Value Assurance Reviews

Important decisions benefit from an independent review. Managers are often too close to the project and believe their reputation is at stake if the project is halted. Independent reviewers will assess the true value and weigh the key risks in the decision to proceed with the project. Value Assurance Reviews help to make an independent assessment of the Decision to Exit or Proceed.