How do you know when it's the right time to make a decision?
Michael Useem in a Knowledge@Wharton article and podcast discusses his work on the topic in researching his book The Go Point: When It's Time to Decide -- Knowing What to Do and When to Do It.
In writing this book, Useem asked more than 100 leading decision-makers to analyze decisions they had made, to name their best and worst decisions, to describe how they reached them, and to comment on what, if anything, they would change about how the decisions were arrived at.
Useem says that "leadership often comes down to decision making...[it takes] time to do that. And that is a constitution to know you've got to face a decision, you've got to see both sides, you've got to hear from the various parties and then you have to act."
So what makes a great decision-maker?
Here's his "executive summary" on good decision-making:
"I think the basic premise that underlies the book -- I think it just underlies reality -- is that decision making as a skill is learned really by making decisions. Critically though, [it means] looking back on those decisions, to make certain we don't make the same mistake twice, that you have some sense for what went right as well."
But don't be paralyzed by analysis.
The article sums up:
- As with many things, you learn to become a better decision-maker by making lots of decisions.
- Pay scrupulous attention to when to decide: Too soon is too uncertain, too late is too much missed opportunity.
- Gather your trusted, unbiased, raw facts advisors, and listen hard.
- When in doubt, adopt a "bias for action."
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