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Untangling your organization's decision making
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The ABCDs of categorizing decisions
- Big-bet decisions: infrequent and high-risk - from major acquisitions to game-changing capital investments;
- Cross-cutting decisions: frequent and high-risk - think pricing, sales, and operations planning processes or new-product launches;
- Delegated decisions: frequent and low-risk - routine elements of day-to-day management, typically in areas such as hiring, marketing, and purchasing;
- Ad hoc decisions: infrequent, low-stakes.
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Approaching big bet decisions
- Appoint an executive sponsor to work with a project lead to frame important decisions for senior leaders to weigh in on;
- Break things down (with decision meetings at each stage), and connect them up.
- Focuses on debating the solution (instead of endlessly elaborating the problem) and gather the right people.
- Move faster without losing commitment: get comfortable living with imperfect data and being clear about what “good enough” looks like.
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Approaching cross-cutting decisions
- Identify decisions that involve a cross-cutting group of leaders, and work with the stakeholders of each to agree on what the main steps in the process entail.
- Work through a set of real-life scenarios to pressure-test the system in collaboration with the people who will be running the process.
- Limit the number of decision-making bodies, and clarify for each its mandate, standing membership, roles etc.
- Create shared objectives, metrics, and collaboration targets.
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Approaching Delegated decisions
- Delegate more decision.
- Avoid overlap of decision rights.
- Establish a clear escalation path.
- Get people to take ownership of the decisions.
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SIMILAR ARTICLES & IDEAS:
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Default options
Deciding is too much effort so we’re likely to just stick with the default or safer option if it’s already been chosen for us.
When we get offered too many choices, the same...
Best decision making happens in the morning
This is when serotonin is at it’s natural high, which helps to calm our brain. Thus, we feel less risk averse and so we can face risks and make harder choices.
The part our bodies play in decision-making
If we’re feeling hunger, thirst or sexual desire, that can actually spill over into the decision areas of our brains, making us feel more desire for big rewards when we make choices.
This can lead us to make higher-risk choices and to want for more.
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Pretend You're Advising a Friend
Think outside yourself a little and pretend like you're offering advice.
The reasoning here is really simple: your short-term emotions get in the way of decisions, and that clouds yo...
Limit The Information You Take In
We usually believe that the more information you have, the better decisions we can make. However, at some point, we cross a threshold where we have too much information. That's when we start to fill in gaps and add weight to information that doesn't matter.
This makes decision making way more difficult.
Reverse Your Assumptions
You're so prone to continue making the same kind of choices throughout your life that challenging yourself and doing the exact opposite is often the best way to get around this problem.
The idea here is to confront your default behavior, step outside your comfort zone, and use your imagination to test some completely new ideas.
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“The biggest risk is not taking any risk. In a world that is changing really quickly, the only strategy that is gu..."
Mark Zuckerberg, CEO of Facebook
Skills Needed In Digital Leaders
- Work together, complement each other, and function as a team.
- Able to operate on and enable environments that are more dynamic, team-centric, and connected.
- Lead and build teams and partner with the broader ecosystems, keep people connected and engaged, and drive a culture of innovation, learning, and continuous improvement.
- Lead a workforce that includes contractors, the contingent workforce, and crowd talent.
- Understand how different business functions, industries, and technologies come together to form solutions.
- Comfortable and competent with risk-taking.
Demographics And Leadership Destiny
Millennials expect to be developed via opportunities, mentoring, and stretch assignments. However that is hard to come by in top-heavy companies.
Most millennials think their roles provide little development while most companies report they have excellent or adequate programs for Millennials.