5 Simple Tips to help improve your Decision Making

Decision making is the part and parcel of our lives. Every day, we make a lot of decisions right from small everyday decisions to big business decisions. PGDM Diploma Courses are designed in order to train students in the art of decision making. PGDM Colleges focus on a long-term objective of improving the overall decision-making process of their students by laying down a well thought of training program. While your institute is working towards improving your decision making, you can follow these 5 simple tips at personal level:

  1. Don’t delay

Simple decisions are easy to make. You can simply tick them off and have the feeling of accomplishment. The problem arises when the level of difficulty increases. Delaying such decisions can bring more harm than good. Difficult decisions need to be tackled on priority. Dedicate a focused block of time to it each day. Work through all the pros, cons, risks and realistic outcomes of your decision. Be prudent and realistic about tackling the problem in hand. The problem is not going to solve itself so it is better to take it up in priority and get it done with.

  1. Shelve ego and emotion

Decision making process can be overwhelming at times as you become too personally invested in the whole process. It bothers you to think about the overall outcome of your decision and what impact, positive or negative, it will have on the future of the company. You need to shelve your emotions and ego while making the decision. Be practical about your decision and think rationally while going through the entire process.

  1. Ask an expert

A famous quote by Warren Buffet, “It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.” The decision which you are about to make has likely been made in the past. It is always good to ask an expert. While the problems in hand may be unique to you but it is highly probable that someone else must have gone through the same problem. The advice here is not to copy the entire solution but to improvise according to your problem. Seeking expert advice can be a good way to deal with the problem in hand.

  1. Question every step of the process

The technique of “why” can be a great way in decision making as well. Question every step in your decision making process, the answers to which can help you become sure of your decision in the long run. Use research reports, industry trends, and seek experts in your field while building your strategy. Collect all the relevant data and try to make an informed decision. Take constant feedback from the stakeholders as well as experts in the field.

  1. Plan for doomsday

The final step to decision making is to note down the underlying risks of the decisions you make. In other words, plan for the doomsday. Give this process a bit of time to consider the absolute worst case scenarios. Ask yourself what exactly can go wrong in the decision you are making. Always have a backup plan to tackle such situations. No decision or solution to any problem could be 100 percent full proof. There would always be risks involved and taking these risks into consideration can be a good way of handling your decision making process.

– Prof. Angirasa Acharya
VJIM, Hyderabad

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REPORT ON BANKING FINANCIAL SERVICES AND INSURANCE – BUSINESS CONCLAVE

Hyderabad, Septemebr 18, 2018– Vignana Jyothi Institute of Management (VJIM), Hyderabad successfully wrapped a Business Conclave at Hotel Avasa on 15th Septemebr 2018. The Concalve saw who’s who of the industry and academia participate, discuss, debate and draw some insightful solutions on the BFSI sector, its present hurdles and solutions.

The conclave was sectoral in nature, dealing with Banking, Financial services and Insurance sector within the present economic landscape of the country. In the inaugural session, Dr. CH S Durga Prasad, Director VJIM and K. Harish Chandra Prasad, Chairman, Governing council VJIM, addressed the students and urged them to optimize the opportunity to elarn from the leading practictioners and researchers within the BFSI community.

The inaugural session was pivoted around the theme- ‘Role of Development Banking in Evolution of Financial System’. Ms. Smitha Mohanty, DGM NABARD, in her address explained the role played by NABARD in developing agricultural and rural economies of the Telangana region. She informed the audience on the crucial role played by NABARD in flagship programmes like mission Kakatiya, Mission Bhagiratha, Micro irrigation projects and warehousing for agriculture needs. Smt. Kanchanlata Pandey, AGM SIDBI in her address, discussed the role of SIDBI in development of MSME sector in the nation and dealt with financing, risks and institutional building for the sector.

The second session of the Conclave was on the role of commercial banks in the digitization of the nation. Sri K.T. Venu Madhav, GM Andhra bank, dwelled on the role of Public Sector Banks in digitizing bank transactions for customers in remote areas by SMAAC and regarding relevant RBI regulations. Sri K Srinivas, VP and CRH Axis bank, in his address touched upon the wide usage of Big Data being applied for performance of employees, branches and tracking the needs of customers. He suggested that the digital world is built on customer needs and bank’s have invested in risk mitigation programmes.

In the third session, dealing with the role of regulators in technology, Sri K S Subramanyam, former ED, IRDA, briefed on the regulatory aspects of banking and explained the various steps being taken to protect the customer interests in insurance sectors. Sri T Srinivasan, AGM SEBI dealt with the various regulatory aspects concerned with security and exchange boards and the steps being taken by the body to prevent scams from occurring to protect the retail investors and large investors alike. Sri G Raghu Raj, GM IDRBT, in his speech detailed the technological development aspects concerned with banking.

Dr. Ch Jyothi delivered the vote of thanks as the event came towards a closure. The conclave was attended by the students, faculty and governing council members of VJIM.