Used FORDEC a lot. It works, but
In the end - whatever it is called - it is a big chunk of common sense, spiced up with experience, technical knowledge, Crew Resource and Time Management.
2 things to note from my point of view:
- Usually missing is a quantifier on "Risks/Benefits" or "Options". Benefit of a 900 feet longer runway with a medical emergency is negligible, but maybe not with a hydraulic problem.
- In my opinion it is also quite important to do the evaluations several times - depending on your workload and time available. Usually "Facts, Risks/Benefits and Options" change slightly with more information gathered and more though brought into the problem - which might lead in the end to different executions or decisions.