How to create a decision-making framework
Published by a LexisNexis Risk & Compliance expert
Practice notesHow to create a decision-making framework
Published by a LexisNexis Risk & Compliance expert
Practice notesDecisions are made all the time that are taken effectively and implemented well. But decisions are also made that may seem confused, over-complicated or ineffective. This Practice Note considers why you need a decision-making framework, what such a framework should include, tools you can use during the decision-making process and how to create and implement a decision-making framework for your organisation.
Why do we need a decision-making framework?
Decision frameworks provide a structured way to make decisions that support and enhance the organisation. The goal for all decision-making should be to maximise the probability of positive outcomes.
A decision framework will enable you (or your department or organisation) to:
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keep everybody aligned
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ensure decisions are visible through all levels of planning
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make clear how choices and plans support department or organisational strategies
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work in an ethical way
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meet compliance and regulatory requirements
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make decisions at the right pace based on a clear process
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consult the right people, but clearly identify the final decision maker
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gain stakeholder buy-in for implementing
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