Timeliness is probably one of the top 5 most crucial elements of decision-making. If a person cannot make a decision within a timely manner, the business may lose out on customers, profits, and so much more. Having people within the organization that can make quick decisions that are in the best interest of the business and are relevant to the growth of that company is vital to the company's continued success.
Take everything into account and research tough decisions but don't waste time. Be efficient throughout the entire process. Be sure that when making a decision not to rush the decision, but don't spend time waiting just to wait. Be smart and use resources to make the right decision at the right time.
SMART (Specific, Measurable, Achievable, Relevant and Time-bound) Goals are well known. One needs to take a lot of strategic and tactical decisions in order to achieve these goals. In my humble opinion, "Timeliness is the most crucial element of decision- making". The best of decisions taken after the right time has passed to make best of opportunities that a business comes across renders the decision fruitless.
Researched and well thought over decisions delivered at the right time to the right people can take business to new heights. They serve as great confidence boosters to investors and customers thereby adding to the profitability of the organization and motivators to employees executing these more effectively.
Hitesh, Timelines are like action points. or if you like parts of the overall Puzzle relating to the sequence of events.
Let me give you a simple example, and you can decide if it is important or not.
Lets say you are behind a car sitting at the traffic lights. At this stage the lights are red. Then they turn Green. The driver in front decides that there is no rush, He knows that there is a deadline between the lights going red to green. by the time he decides he should move to meet the deadline (ie the light turning red again) The light has already turned back to red. He has missed the deadline.
Well it did't really matter, for him it was not critical. But for you it was, you are now late. and you miss your flight. and have to wait another day before you can fly out, and your weeks schedule is now out of sync.
I hope this helps you to understand the importance of deadlines. They are set there for a reason. you may not see it but by not keeping to it the non compliance could impact seriously on others.
Looks like some interesting points of view have been posted on this topic. I’ll add my thoughts that timeliness to decision making is very important. Depending on the topic, a delay in making a decision could be viewed as a sign of weakness. For example, if you have a poor performer on a team, you can’t wait to make a decision and act. If you do, the rest of the team will form an opinion about you and it will adversely influence their trust in you as a leader. You’re sending a message that poor performance is tolerable. A swift and decisive decision sends a clear message that you are aware and in tune with what is important. Performance and moral will be better for it.
When in doubt about a decision, ask yourself this question; if my decision on a specific topic or event were posted on all media channels including newspapers, social media and internet for everyone to see and judge, would I be proud or ashamed? If you delay making a decision and the problem grows worse, you will be ashamed that you didn’t act sooner.
My thought is this; never be afraid to make a mistake by making a decision too soon, you can always change it. Instead, be petrified of delaying a decision that needed to be made sooner and wasn’t because you can’t go back in time to fix it.
I put decisions into two camps - those that are reversible, and those that are irreversible. The former can be made on the fly, The latter need to be given great thought. I have seen too many make irreversible decisions quickly for the sake of being decisive...and this can lead to major problems. "Deep Smarts" may be a good read for you. If you have surrournded yourself with those who have 'deep smarts" in the domain where a decision is needed, you can reduce the time significantly.
Timeliness principle in accounting refers to the need for accounting information to be presented to the users in time to fulfill their decision making needs.
Timeliness of accounting information is highly desirable since information that is presented timely is generally more relevant to users while conversely, delay in provision of information tends to render it less relevant to the decision making needs of the users. Timeliness principle is therefore closely related to the relevance principle.
Timeliness is important to protect the users of accounting information from basing their decisions on outdated information. Imagine the problem that could arise if a company was to issue its financial statements to the public after 12 months of the accounting period. The users of the financial statements, such as potential investors, would probably find it hard to assess whether the present financial circumstances of the company have changed drastically from those reflected in the financial statements
The answer is: It depends.
Take a look at Stephen Covey's Quadrants (strictly Eisenhower's as the late president was the early adopter of this concept): If this decision relates to something urgent, it needs an immediate response, otherwise the decision may be delayed until enough information has been gathered and enough thought has been applied to it. However, delaying the decision too much will lead to a scramble at the last minute.
In answer to your question: Timeliness is critical for urgent decisions but accuracy is more important for non-urgent decisions.
The value in delaying decisions is that a quick decision does not take into consideration all ramifications and could lead to more problems. (A quick decision only solves the immediate problem or the symptoms but not the underlying core issue.
I think this is a great question! It is extremely crucial!
There is a reason why personal development, yoga, understanding the mind, and health consciousness is on the rise now! I believe that it is the direct equivalent of the results that we see in the work place from those who fit this mold. This leads to a clearer mind at work which leads to faster decision making.
Having a great team around is also a huge factor in this as well, because that is more positive opinions that you trust.
Timeliness is important, but that doesn't mean speed is important. Decisions, like fine wine, should not be made before (or after) its time. You may arrive at a decision before the best time, but the execution can be deferred to the optimal time (assuming that you know the decision remains valid).
That said, timeliness is not as important as using a repeatable process and recognizing the decision making pathologies that corrupt our ability to make good decisions. Both process and pathologies are way beyond the scope of this answer.
Hitesh good afternoon. Timeliness to decision-making process is very crucial. Keeping on mind that time do represent money, then the decision making needs to be present at all time. If decision-making process is not taken with priority on a required case, it could cost even human life´s. Now, there are cases where you will need to be flexible, and have a "Plan B" to execute in case your timeliness with a decision taken on timely manner is delayed in any way, shape or form. Hope my answer can help.