The quality of our decisions

We all make decisions. However, few of us realize that the process we use to make decisions is more important than the analysis we put into the decision.

A McKinsey Quarterly survey pointed out that 60 percent of executives thought that bad decisions were as frequent as good decisions.

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What Matters More in Decisions: Analysis or Process?

fs.blog

When it comes to decisions, organizations rely on gathering data and analyzing the decision. People believe that analysis reduces biases, but most business decisions made this way turned out to be poor decisions.

Research shows that good analysis from managers who have good judgment won't necessarily produce good decisions.

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Analysis alone does not yield good decisions as the people who put it together have a subconscious bias and interest in a particular outcome.

Instead, a disciplined decision process involves guarding against decision-making biases by exploring and discussing major uncertainties or discussing contradictory viewpoints.

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