Articles tagged Decision making

Guest Post by Malcolm Peart (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

“Any decision is better than No Decision” goes the Law of Decision making.  However, sitting on the fence, humming and hawing, chewing the cud, weighing every option, exploring every avenue and leaving no stone unturned can, and often does, eventually amount to, at the end of the day, and in its cold light, without beating about the bush, or wasting any more time…indecision.

Indecision, at least for those affected, leads to a number of things including frustration, demotivation, and anger.  These feelings are not felt by those who dwell in indecision as they are blissfully unaware and are ignorantly oblivious as to the adverse effects of their procrastination.  They are also incognizant as to their responsibility for wasting everybody’s precious time as well as being bewilderingly ignorant that a definitive decision to do nothing may allow for some productive work elsewhere.  But they would rather keep people on tenterhooks and in a state of limbo and avoid any gainful and concurrent activity.  Productivity for them is of no consequence…people can always catch up later…or can they?!

Guest Post by Malcolm Peart (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

“Time and tide wait for no man”.  King Canute demonstrated that the ebb and flow of the tide are inevitable and even a king has no control over them.  Time, perhaps our most precious resource, is also no exception.  Who hasn’t regretted not doing something because there wasn’t enough time, or time ran out as we wasted too much time deciding to do something and the opportunity slipped through our fingers? 

On the other hand, how often do we regret having made a hurried decision and have had to live with dire consequences which, in hindsight could well have been avoided if we’d had more time or rather, made better use of the time available.

Guest Post by Greg Hutchins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

Did we get it all wrong?  Wow!  This could break our business model.  Let me explain:

We developed Certified Enterprise Risk Manager® and all of our risk IP based on a simple fact.  We live in VUCA time (volatility, uncertainty, complexity, ambiguity).  We based our business business model on providing:

• Risk-based, problem-solving.
• Risk-based, decision-making.™

So, what’s the problem? [Read more…]

Guest Post by Ed Perkins (first posted on CERM ® RISK INSIGHTS – reposted here with permission)

There is a lot of literature written on decision making, ‘how to’, best practices, process, factors and so to follow to make ‘good’ decisions.  We have been exploring ‘risk based’  decision making in these blogs.  We have looked at factors, process, frameworks, psychology and bias.

But we have not discussed perhaps the most important aspect of any decision – implementation or that double edged word ‘execution.’  (Of course this assumes that the decision maker wants something to actually happen as a result of the decision, but that is a topic for another day).

Let’s use the nicer word – Implementation – which implies there is a course of ACTION, with a timeframe for results to be produced or to occur. [Read more…]