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Many of us struggle with managing our finances. We often find ourselves grappling with decisions about spending and saving. Developing the skill of sound judgment can help us manage our money better.
By exercising sound judgment, we will be able to resist the temptations of Facebook and Instagram ads and stay on track to achieve our predetermined financial goals.
Sound judgment is a skill that can be developed with patience, self-awareness and experience. There will be times when you end up making poor decisions, but with every failed decision, you get some insight into what not to do in the future. This is especially evident at work, where we have to make decisions about a range of activities from email writing to scheduling meetings with colleagues.
Say that you’re on good terms with your manager. Does that mean that you can talk to them as freely as you would to a friend? Probably not! You still have to maintain a certain level of politeness and formality in a professional setting. Sound judgment in the workplace is critical for your professional growth. Let’s explore the meaning of sound judgment and study how you can develop it to make the right decisions.
What Is A Sound Judgment?
The meaning of sound judgment is to evaluate a situation or a problem objectively with a clear head, calculate risks, and make an informed decision. It’s an important workplace skill because it helps you remain calm under pressure and handle setbacks.
It will help you mediate workplace problems such as conflict or disagreement between two of your team members. It will enable you to develop a keen sense of observation—you’ll begin to notice the things that are left unsaid, and will be able to take the appropriate steps to address them.
In business, it’s important to rely on facts and evidence. Emotions can cloud your judgment and obscure the truth. An effective decision-maker relies on solid proof before making any judgments.
Examples Of Sound Judgments
Let’s look at an example of sound judgment to illustrate the concept.
Say that two of your team members don’t see eye to eye. What you can do in this situation is to talk to each of them separately to identify the problem. If you consider only one perspective, the other person may feel ignored.
How To Make A Sound Judgment
Sound judgment is a pre-requisite for effective decision-making because it helps you look at a situation from different angles. Here are some key pointers when it comes to exercising sound judgment:
1. Define Problems
Define the problem or the purpose for which you have to make a decision. This could be multiplying sales, hiring new employees, resolving conflict with a team member or addressing customer feedback.
2. Evaluate The Pros And Cons
Assess the pros and cons to evaluate which option is best in terms of time, cost and resources. Going with the first option just because it’s easier may not always result in a positive outcome.
3. Set Goals And Timelines
Start by setting goals and timelines to complete each task in the decision-making process. Deadlines will help everyone on the team stick to a schedule and you’ll be able to consistently measure your progress.
4. Think Objectively
Maintain your composure even if the situation gets out of hand because emotional stability is one of the hallmarks of good decision-making. It’ll help you think with a level head and avoid jumping to conclusions.
5. Monitor Your Decision
Making decisions in haste is never a good idea. Even if you’ve arrived at a conclusion that you feel is the best decision for your organization. Take your time, sleep on it, and come back to it with a fresh mind. Identify any errors or assumptions you may have overlooked and make the necessary modifications to complete the decision-making process.
Exercising sound judgment at work will come in handy when you’re dealing with high-pressure situations. It’s easy to get sidetracked when you have multiple things to do, but if you have a plan with specific checkpoints, you can focus on each milestone individually. Learn more about developing sound judgment with Harappa Education’s Making Decisions course. The online course will teach you a step-wise approach to decision-making. You’ll learn to navigate conflict and deal with uncertainties like a pro!
Explore topics such as Decision Making, the Steps of Decision Making, How to Make Decisions & What is Risk Taking from our Harappa Diaries blog section and develop your skills.
