What are decision-making skills, and why are they important to learn?

Decision-making skills are the ability to evaluate several courses of action and choose which to take. This is an important life skill as well as a business leadership skill, since effective problem-solving requires deciding on a solution. However, making smart business decisions isn’t just about being decisive in an abstract sense. Effective decision-making is a skill that requires a combination of critical thinking and data analysis. In a business context, a familiarity with tools of financial analysis is especially important for decision-making, although the financial bottom line isn’t always the only factor to be considered in a careful cost-benefit analysis. For example, a growing number of companies consider corporate social responsibility principles and a “triple bottom line” approach that also looks at social and environmental costs and benefits. Beyond cost-benefit analyses, there are approaches informed by psychology that are used to make decisions as well as describe decision-making in the real world. Decision theory uses tools similar to game theory to analyze how decisions are affected by uncertainty, different timing between decisions and impacts, social and competitive situations, and other factors. And behavioral economics helps to understand how cognitive bias can influence decision-making, as in the case of the sunk cost fallacy which results in economically irrational decisions based on previous investments.

What kinds of careers benefit from decision-making skills?

Decision-making skills are essential for leadership positions in every field, whether chief executive officers (CEOs) of corporations, executive directors of non-profit advocacy groups, or government roles such as mayors and governors. These leaders are responsible for setting organizational goals and policies and, ultimately, making decisions on how to achieve them. According to the Bureau of Labor Statistics , top executives earn a median pay of $104,690 per year, including a median pay of $184,460 for CEOs. This high level of compensation is a testament to the importance of savvy decision-making skills, which are in high demand in organizations of all kinds.

Can I learn decision-making skills by taking online courses on Coursera?

Absolutely. Coursera lets you learn about decision-making and related topics like problem-solving, psychology, and leadership from top-ranked schools like the University of California, Irvine, the University of Michigan, and the University of Pennsylvania. And although you’ll be learning remotely, you’ll get the same course materials as on-campus students as well as opportunities to discuss these important topics in leadership with expert faculty as well as your fellow students.

What skills or experience do I need to already have before I learn about decision making?

Everyone can benefit from learning about decision making, both in their personal and professional lives, so you may not need any previous experience or skills to study the concept. However, any type of work experience may help prepare you for your studies. Once you've worked in a field, you'll better understand why decision-making skills are important and how you can use them to advance your career or even get a new job in your field.

What kind of person is best suited to work in a role that involves decision making?

A person who is a leader and good communicator is best suited to work in roles that involve strong decision-making skills. As a matter of fact, learning how to be a good decision maker can lead to supervisory and management positions in your field. You should also be an active listener and someone who can easily convey to other people what your thoughts and ideas are. People who are strong decision makers tend to be good analyzers, troubleshooters, problem solvers, and critical thinkers. This helps them gather the evidence they need to make a choice. Other skills needed for roles that require good decision-making skills are time management, logic, reasoning, and intuition. You'll also need to have good interpersonal skills, as well as be a good collaborator who doesn't shy away from teamwork.

How do I know if learning about decision making is right for me?

Decision-making studies or skills look good on any resume, so if you're looking for a new career or starting a career, learning about it may be right for you. It can also be helpful if you're looking to be promoted into a managerial position at work. Decision-making skills are very important for people in roles of leadership. If you currently work in a managerial position or any position in any field and find that you're having trouble making sound decisions at work, learning how to do so can improve your work performance. Learning it can also help you make better decisions in your personal life.

Top Decision Making Courses - Learn Decision Making Online

Results for "decision making"

University of California, Irvine
Effective Problem-Solving and Decision-Making
Skills you'll gain: Creative Problem-Solving, Problem Solving, Brainstorming, Decision Making, Creative Thinking, Organizational Effectiveness, Critical Thinking and Problem Solving, Business Solutions, Key Performance Indicators (KPIs), Professional Development, Root Cause Analysis, Open Mindset, Personal Development, Adaptability, Analytical Skills
4.6
Rating, 4.6 out of 5 stars
7.3K reviews
Beginner · Course · 1 - 4 Weeks
Dartmouth College
Strategic Leadership: Impact, Change, and Decision-Making
Skills you'll gain: Decision Making, Creativity, Talent Management, Communication, Innovation, Strategic Decision-Making, Personal Development, Interpersonal Communications, Professional Networking, Collaboration, Leadership Development, Organizational Effectiveness, Leadership and Management, Self-Awareness, Business Leadership, Leadership, Emotional Intelligence, Organizational Leadership, Critical Thinking, Business Ethics
4.8
Rating, 4.8 out of 5 stars
577 reviews
Beginner · Specialization · 3 - 6 Months
Arizona State University
Decision-Making for Everyone
Skills you'll gain: Decision Making, Creative Thinking, Problem Solving, Creative Problem-Solving, Strategic Decision-Making, Brainstorming, Complex Problem Solving, Critical Thinking and Problem Solving, Resourcefulness, Creativity, Curiosity, Strategic Thinking, Root Cause Analysis, Independent Thinking, Ethical Standards And Conduct, Critical Thinking, Risk Analysis, Innovation, Analytical Skills, Business Ethics
4.2
Rating, 4.2 out of 5 stars
41 reviews
Beginner · Specialization · 3 - 6 Months
PwC
Data-driven Decision Making
Skills you'll gain: Analytics, Business Analytics, Data Analysis, Data-Driven Decision-Making, Business Intelligence, Big Data, Analytical Skills, Analysis, Data Visualization, Data Science, Statistical Analysis, Data Visualization Software, Data Processing, Decision Making, Data Collection
4.6
Rating, 4.6 out of 5 stars
6.1K reviews
Beginner · Course · 1 - 4 Weeks
Dartmouth College
Decision-Making: Blending Art & Science
Skills you'll gain: Decision Making, Strategic Decision-Making, Self-Awareness, Emotional Intelligence, Critical Thinking, Behavioral Economics, Problem Solving, Dealing With Ambiguity, Goal Setting, Business Risk Management, Business Strategy, Overcoming Obstacles
4.8
Rating, 4.8 out of 5 stars
167 reviews
Beginner · Course · 1 - 4 Weeks
Arizona State University
Decision-Making
Skills you'll gain: Decision Making, Strategic Decision-Making, Complex Problem Solving, Critical Thinking and Problem Solving, Creative Problem-Solving, Ethical Standards And Conduct, Critical Thinking, Resourcefulness, Risk Analysis, Business Ethics, Analysis
4.4
Rating, 4.4 out of 5 stars
31 reviews
Beginner · Course · 1 - 3 Months
University of Minnesota
Analytics for Decision Making
Skills you'll gain: Time Series Analysis and Forecasting, Operations Research, Probability Distribution, Mathematical Modeling, Supply Chain, Probability, Predictive Modeling, Business Modeling, Simulation and Simulation Software, Business Analytics, Analytics, Regression Analysis, Microsoft Excel, Forecasting, Data Modeling, Business Mathematics, Data-Driven Decision-Making, Pivot Tables And Charts, Statistics, Process Optimization
4.7
Rating, 4.7 out of 5 stars
247 reviews
Beginner · Specialization · 3 - 6 Months
Status: Free
University of Lausanne
Unethical Decision Making in Organizations
Skills you'll gain: Business Ethics, Decision Making, Organizational Leadership, Strategic Decision-Making, Social Sciences, Organizational Strategy, Business Management, Sociology, Risk Management, Psychology, Leadership
4.8
Rating, 4.8 out of 5 stars
416 reviews
Beginner · Course · 1 - 3 Months
University at Buffalo
Data-Driven Decision Making (DDDM)
Skills you'll gain: Data Storytelling, Statistical Process Controls, Process Mapping, Data Ethics, Data-Driven Decision-Making, Data Collection, Process Improvement, Data Visualization Software, Business Process, Business Analytics, Tableau Software, Analytics, Data Analysis, Root Cause Analysis, Data Strategy, Minitab, Lean Methodologies, Six Sigma Methodology, Data Cleansing, Statistical Analysis
4.7
Rating, 4.7 out of 5 stars
427 reviews
Beginner · Specialization · 1 - 3 Months
Status: Free
Yale University
Financial Markets
Skills you'll gain: Investment Banking, Risk Management, Financial Market, Financial Regulation, Financial Services, Finance, Business Risk Management, Securities (Finance), Financial Policy, Capital Markets, Behavioral Economics, Banking, Corporate Finance, Governance, Insurance, Underwriting, Equities, Derivatives, Mortgage Loans, Decision Making
4.8
Rating, 4.8 out of 5 stars
30K reviews
Beginner · Course · 1 - 3 Months
Starweaver
Influencing, Collaboration and Decision Making
Skills you'll gain: Negotiation, Influencing, Stakeholder Management, Analytical Skills, Leadership, Conflict Management, Collaboration, Team Leadership, Teamwork, Communication, Critical Thinking, Decision Making, Relationship Building, Problem Solving
4.4
Rating, 4.4 out of 5 stars
30 reviews
Intermediate · Course · 1 - 4 Weeks
University of Michigan
Foundational Finance for Strategic Decision Making
Skills you'll gain: Market Data, Loans, Finance, Microsoft Excel, General Finance, Corporate Finance, Securities (Finance), Mortgage Loans, Financial Analysis, Spreadsheet Software, Equities, Investments, Financial Market, Financial Data, Business Valuation, Investment Management, Financial Modeling, Capital Markets, Financial Forecasting, Financial Planning
4.7
Rating, 4.7 out of 5 stars
1.2K reviews
Beginner · Specialization · 3 - 6 Months