A Quote by Paul DePodesta
Whether baseball or football, we're tasked in front offices with making decisions under uncertainty. How do you corral that uncertainty in a way to make more consistently better decisions? That's very similar.
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There will be very few occasions when you are absolutely certain about anything. You will consistently be called upon to make decisions with limited information. That being the case, your goal should not be to eliminate uncertainty. Instead, you must develop the art of being clear in the face of uncertainty.
Decision-making is difficult because, by its nature, it involves uncertainty. If there was no uncertainty, decisions would be easy! The uncertainty exists because we don't know the future, we don't know if the decision we make will lead to the best possible outcome. Cognitive science has taught us that relying on our gut or intuition often leads to bad decisions, particularly in cases where statistical information is available. Our guts and our brains didn't evolve to deal with probabilistic thinking.
No decision-making system is going to guarantee corporate success. The strategic decisions that corporations have to make are of mind-numbing complexity. But we know that the more power you give a single individual in the face of complexity and uncertainty, the more likely it is that bad decisions will get made.
The way to make better decisions is to make more of them. Then make sure you learn from each one, including those that don't seem to work out in the short term: they will provide valuable distinctions to make better evaluations and therefore decisions in the future. Realize that decision making, like any skill you focus on improving, gets better the more often you do it.
In the face of ambiguity, uncertainty, and conflicting demands, often under great time pressure, leaders must make decisions and take effective actions to assure the survival and success of their organizations. This is how leaders add value to their organizations. They lead them to success by exercising good judgment, by making smart calls when especially difficult and complicated decisions simply must be made, and then ensuring that they are well executed.
The consumer is going through a period around the world of uncertainty - whether geopolitical uncertainty, economic uncertainty - and that makes them a little nervous as well.
The more decisions we make in a day, the more likely we are to make bad decisions - because deciding wears us down. You start making decisions in the morning, and by the middle of the afternoon, you're running on fumes.
It's how you make decisions that matters, and that ought to be the question that people ask of any candidate for any executive office, whether it's mayor, governor or president. How do you make decisions? Who do you want in the room helping you make those decisions?
Statistics may be defined as "a body of methods for making wise decisions in the face of uncertainty.
Everybody grows up and they have to make decisions, and they try and make the best decisions that they know how to. It's taken them their whole lives to finally step out and start making their own decisions.
Putting somebody else in crisis mode and causing them to make quicker decisions, urgent decisions, rather than prolonged, more logical decisions can be very advantageous. So, to be successful in business, you have to understand the power of confrontation and how to use it correctly.
You don't make spending decisions, investment decisions, hiring decisions, or whether-you're-going-to-look-for-a-job decisions when you don't know what's going to happen.
People who are great at making decisions in the face of uncertainty have great judgment.
Parts of you die with every decision you have to make. It becomes about making decisions between bad decisions and worse decisions.
Many of life's decisions are hard. What kind of career should you pursue? Does your ailing mother need to be put in a nursing home? You and your spouse already have two kids; should you have a third?such decisions are hard for a number of reasons. For one the stakes are high. There's also a great deal of uncertainty involved. Above all, decisions like these are rare, which means you don't get much practice making them. You've probably gotten good at buying groceries, since you do it so often, but buying your first house is another thing entirely.
Executives do many things in addition to making decisions. But only executives make decisions. The first managerial skill is, therefore, the making of effective decisions.
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