Great Decision Making

The current issue of Fortune (2nd of a 2 part 75th anniversary edition) includes some fascinating examples of leadership and decision making. Jerry Useem summarizes the article.

If surmounting your anxieties is step one, step two is letting go of your inner perfectionist because there is no such thing as a perfect decision-maker. Even if you had all the information in the world and a hangar full of supercomputers, you�d still get some wrong.

But there�s a big difference between a wrong decision and a bad decision. A wrong decision is picking Door No. 1 when the prize is actually behind Door No. 2. It�s a lousy result, but the fault lies with the method. A bad decision is launching the space shuttle Challenger when Morton Thiokol�s engineers predict a nearly 100% chance of catastrophe. The method, in this case, is no method at all.

The distinction is important, because it separates outcomes, which you can�t control, from process, which you can. Wrong decisions are an inevitable part of life. But bad decisions are unforced errors. They�re eminently avoidable—and there are proven techniques to avoid the most predictable pitfalls (see Great Escapes).

20 Decisions that made history is also quite worthwhile.

Posted by Jim Zellmer at June 28, 2005 9:22 PM
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