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Showing posts from February, 2018

Better Decisions - In 3 Steps

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We can all be wise in hindsight. How about being wise looking into the future? Managers make decisions every day, often several times a day.   Have you ever thought how you could significantly improve the quality of your decisions ?  HBR editor Walter Frick  has some sage advice – in three simple steps. 1.    Be less certain – make no mistake – while confidence is a desirable, indeed necessary characteristic, overconfidence is a killer. We tend to think that failure is due to incompetence. While sustained incompetence can lead to failure, by itself incompetence is a correctable deficiency. You can acquire new skills, seek a mentor, or turn to colleagues for help. If you are overconfident, you are in a league of your own. Consider this example:   Jimmy Cayne was the CEO of Bear Stearns and considered to be among the brightest fund managers in the world. When the first signs of trouble appeared in 2007, you would think that Cayne would be keen to address the p