What can we learn from bad decisions?
Most bad decisions are attributable to inherent defects in the decision-making process itself. How to become aware of common decision-making traps in order to avoid them?
On January 1, 2000 the city of London and the British government inaugurated the futuristic high-tech Millennium Dome. Just one year later, the dome had become a national embarrassment, as critics vocally castigated its vapid content, astronomical cost and feeble attendance rate. As is often the case with such debacles, blame was cast on the incompetence of those in charge, unpredictable circumstances, and even the negative attitude of the public and the media opposed to the project.
“Why Decisions Fail” rejects this systematic search for scapegoats. Supported by findings on disastrous decisions like the one just cited, the book points out the critical truth that most catastrophes are due to poor decision-making processes, rather than to unfavorable circumstances. Over a period of nearly twenty years, the author realized an in-depth analysis of over 400 major decisions made in various business, political and social arenas. He invites managers to become aware of common decision making traps and offers sound advice on how to avoid these pitfalls.
In our view, readers should take the following three key messages from the book:
– Resist pressure to make premature commitments.
– Ensure that all stakeholders are consulted.
– Analyze available data objectively.
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See also
Deciding while under pressure
When we make decisions, we are inevitably subjected to biases—that are all the more powerful when we are under pressure and the challenge is at its highest. How can you nonetheless secure the vital strategic decisions?
