Information is essential to basic activities. Whether you are going out for dinner, buying a product or engaging with a new business client, you need to gather information. While technology is making information more readily available and accessible, managers still have to remain sceptical about decision-making. In Lebanon, this scepticism is a working discipline: with inflation and the local currency still finding its footing, a data point that was accurate last quarter can mislead a decision made today.
Executive managers, at every level, need to gather, sort and analyse information to ensure that only relevant information is used.
The source of information should be trustworthy and reliable. It is generated from various sources: market research, reviews, meetings and conferences, employee surveys, customer feedback, in addition to internal sales and productivity reports. In the Lebanese market, this list often needs an extra entry: institutional data (government statistics, public registries) carries a higher margin of error than in more stable economies, so managers frequently cross-check official figures against banking-sector research, such as weekly economic bulletins from local banks, before treating them as decision-grade.
Relevant, comprehensive, accurate, current and economical form the characteristics of good information. Information that speaks specifically to the topic or problem is relevant. Making sure that the information is complete and detailed prevents miscommunication. The accuracy of information should be double-checked and only current information used, since information is constantly changing. The economic impact on the company should also be considered, so that the business can make a profit.
To be useful, information must be obtained and then shared. There are several ways to pass information to senior leaders and employees:
- Communicated directly and clearly
- Delivered frequently and respectfully
- Presented honestly and openly
- Open to answering questions
- Encouraging feedback and dialogue
Once the process of gathering, analysing and disseminating information is complete, it is time for decision-making. Decision-making is not the same as problem-solving, because decisions do not always arise from problems. Rational decision-making is a cognitive process that relies on the analysis of information. It takes several steps and compares different solutions to identify the best possible scenario.
Steps to rational decision-making that every manager should take:
- Define the decision: before making a decision, determine what it is and why it is necessary.
- Determine the criteria: the criteria for the decision are based on the values, interests and goals of the organisation.
- Evaluate the criteria: evaluate the criteria to confirm that it is appropriate and will help keep priorities in place.
- Explore options: at this point, brainstorm different answers.
- Rate options: evaluate and rate the answers for priority and effectiveness.
- Calculate the best decision: select the decision with the best rating.
An effective decision combines both the creativity and intuition of the manager. The manager's expertise in the field is imperative. Their creative skills must include confidence, self-control, the ability to think abstractly and perseverance. None of the above is worth much without the motivation for the job. Decisions are made based on experience and observation, and managers may also rely on their intuition to make quick decisions while remaining sceptical. This balance between rigour and intuition is arguably where Lebanese managers have an edge: years of operating through volatility have sharpened the instinct for reading weak or partial signals, a skill that formal decision-making frameworks can now help structure rather than replace.