From the course: Executive Decision-Making
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Exercising proper judgment
- 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…
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