Decision Making Process Without Adequate Information

Decision Making Process Without Adequate Information

There are various occasions where someone is normally compelled to make a decision without having adequate information required. A good example of this scenario occurred when the company began its operations. We began with a vision of offering recruitment solutions to small and medium enterprises. This was with a goal to complete a market segment where advanced vendors had not yet addressed. On the contrary, little information was available concerning the market, development of the market and the requirements of the expected customers. For a period of four weeks, we made attempts of analyzing the market, defining potential features of the product and pictured clients using information provided by Google and university research. On a personal basis, I was involved with the side of the product to define features of the product and comprehend the market perfectly. Despite the fact that I was very excited, I never completely felt comfortable because the research was artificial to some extent.  

Moreover, we had no adequate information to make a decision on the appearance of the ultimate product in order to be successful. Afterwards, we carried out interviews to ask customers about the planned ideas. However, the company was capable of securing first hand sponsorship by an incubator within the university. This sponsorship facilitated the customer interview process. The initial interviews turned out to be a failure. Customers never understood the product. This was because they never saw the need. This was a massive discouragement for us because we had spent a lot research together with product definition, which emerged to, be of no use to potential customers. Personally, I had to convince the team encouraging them that the last stage of the interviews was so far the perfect thing. The outcome gave us precious insights making us start building a market picture and customer needs for our business. We had to go through a massive process of learning. This made me a very excited person in my entire life. It had to take us some four extra weeks to come up with a testable market hypothesis.  Despite a false hypothesis, it contributed a lot towards the achievement of current perfect product. Initially, we were devoid of information. 

On the contrary, we had to generate that information ourselves. At this juncture, we were properly prepared to proceed to the next step. This made me to be very passionate concerning the next iteration. The next iteration required us to emerge successful and not to take another long time during the implementation of a quick process of learning. In fact, it was my proposal when it came to leveraging the experience we had undergone. I proposed that rather than taking four weeks like before we had to take just a week. This made me define a new process of innovation which would compel us to set a single important hypothesis for the triumph of the business. Furthermore, we had to test for this hypothesis within only a weekly basis.  The prototyping emerged to be the main reason for the success of the business. This was because we had the ability to transform the product quickly including the model of our business in a very customer attractive manner. 

Leave a Reply

Your email address will not be published. Required fields are marked *