Join Mike Figliuolo for an in-depth discussion in this video Dealing with completely unpredictable outcomes, part of Decision-Making Strategies.
- The fourth state of ambiguity you might find yourself in…is one with completely unpredictable outcomes.…Let's look at a situation where I give you a card…and it's the seven of clubs,…and then I give you another card…and it's the queen of diamonds,…the next card is an UNO card,…and then I give you a joker from a deck of cards,…the next card I give you is a credit card,…then a greeting card, then a baseball card,…then a SIM card, it's not clear…what the next outcome is going to be.…You have no way to predict what the next card is…that I'm going to give you, it's impossible.…
Even with a lot more information you would be hard pressed…to even construct a scenario where you would be…able to figure out what that card is going to be.…Let's imagine I said, "Hey, would you bet…"a hundred dollars on betting what that next card is?"…Would you take that bet?…What if I told you, you could win…a thousand dollars on that bet,…or a hundred thousand, or a million,…at what point do you take that bet?…The uncertainty is too high in this situation,…
- Define types of decision-making styles.
- Explain the benefits of participatory decision-making.
- Identify when to use a consensus-based decision-making style.
- List the components of an RACI matrix.
- Describe how to reduce decision-making risk.
- Implement a decision-making cycle.