Thursday, November 26, 2009
HBR Briefs: Making Better Decisions
HBR Briefs 2009: “Make Better Decisions” Thomas Davenport points to the undisciplined nature of decision making in companies. Witness the decision to engage in sub-prime loans, among others. The author suggest a methodology of four steps: 1. List and prioritize decisions that need to be made; 2. Assess factors impacting each like who, what, how, etc; 3) Design roles, systems and behavior your company needs; 4. Institutionalize the new approach through training, data analysis, and outcome assessment. Also, check out the chart on p. 122 showing the benefits and cautions of old and new approaches to decision making.