Join Mike Figliuolo for an in-depth discussion in this video Using the right tools, part of Executive Decision Making.
- When you go to make an executive decision, make sure you use the right tools. Given the size of the decisions you're talking about making, you can involve your Statisticians, you can involve Analysts to help build predictive models of what those future scenarios could be. Use forecasting models, statistical analysis, game theory models and strategic frameworks to evaluate possible future states before you make your decision. Failure to build these robust models that consider all the alternate future states, is reckless and irresponsible.
Just saying I know the way this will play out, and then making a decision based on that one possible outcome, can lead you to miss all these other things that could happen in the market that would make it a bad decision. I've included some of my favorite strategic planning tools and techniques, in the Lynda.com course, Strategic Planning Fundamentals. You can use those tools to evaluate your market, your competitors, and to set a direction for getting your organization to achieve your vision.
One example from my experience of using the right tools, was a European merger situation. We had a client that was looking at buying some competitive assets in Europe. To help them make this decision, I built a game theory model that made the lights dim when you ran it. It was so complex but also very robust. I go expert input from strategy and modeling experts as I built it. The model was able to lay out multiple scenarios and helped us asses the financial impact of each of them.
So ultimately when we made the decision to buy the assets, we were confident around what the future states could be, and what the payoff would be for our client. So as you're looking at making your executive decision, make sure you involve the experts who can help you use the right tools, to figure out what the future might look like and give you a higher degree of confidence, in the decision you're going to make.
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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- Assessing risks
- Making hard choices
- Getting the right data
- Communicating effectively
- Making the call
- Declaring success
- Dealing with problems