Are you a slow or a fast decision maker?

Being a manger or a business owner, you have to make decisions on daily basis. What is your strategy on decisions making? When do you delegate the decision making authority and when do you have to make your own decisions?
As a manager, you have to develop a policy where some decisions must be made on the spot while other should be made after careful study.
In my current job as consultant and business manager, I had to come up with a policy for decision making, the company decision making process was real slow and centralized, I had to change that to save time and make things move quicker.

Generally, I sort out the decision making into two categories:
1-Decisions that have minor consequences: you can delegate your staff members to make those decisions that will have minor impact on your company if the wrong decision was made, you will need little efforts to correct the consequences of the wrong decision and if there was any financial lose, it would be minimal.
2-Decisions that have major consequences: these decisions will have to be made by upper management where the consequences of making a mistake are costly.

This is not a real comprehensive guide on decision making process; this is only a little tip to help speed up the decision making process.