Join Mike Figliuolo for an in-depth discussion in this video Exercising proper judgment, part of Executive Decision Making.
- Making executive decisions requires you to…exercise judgment.…You'll never have perfect data.…Also realize, gathering data takes time and effort,…and while you're gathering incremental data,…the world changes while you wait,…and you'll need more data to reduce that uncertainty.…So your job is to manage the trade-off on risk…and certainty, and reward, and speed of making…the decision.…
So when you go to gather incremental data,…or the members of your team are saying,…we need more information, ask yourself,…"Does it change the answer?"…If that incremental data you're going to gather…won't change the decision, just make the decision.…One situation I was involved in, as far as using data…but exercising judgment and speed,…was an acquisition.…We were going to be buying a business…that had a fleet of trucks.…Truck maintenance costs were in question,…because they were a driver of some of the economics.…
I spent a lot of time gathering data, and analyzing…and discussing that data around what the…maintenance costs would be.…
Mike helps you find the data and tools to support your decision, make the call, communicate decisions effectively, and lead your organization through the change. He'll also address common problems that arise from these high-profile decisions: cultural differences, quality of information, trust, and accountability, to name a few.
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- Explore methods for communicating more effectively.
- Review decision-making styles to find the best one for you.
- Recognize the right time to declare success.
- Recall how an understanding of inherent biases can help you get the right data.
- Review methods for building trust.
- Explore how to make the right call while assessing risks.