recentpopularlog in

jerryking : indecision   4

Dyson and the art of making quick decisions
October 16, 2019 | Financial Times | by John Gapper.

Article is arguing for enforcing a “shot clock” on lingering decisions and to put plans into action faster and regain competitive footing in your industry/business.

Entrepreneur, James Dyson, unceremoniously abandoned a Dyson initiative to build an electric car.  It demonstrated how unsentimental he was about unsuccessful experiments.....Better to acknowledge defeat as early as possible rather than after having thrown away hundreds of millions...For any business to thrive, difficult decisions need to be made, from new projects to corporate strategy. “The job of the CEO, everyone knows, is to make decisions,” wrote Ram Charan, a veteran strategy adviser. This is especially true when entire industries are facing disruption to their business models......Indecision is common in companies facing myriad possibilities, when executives are struggling to assess alternatives for future strategy. Many managers become frustrated by the glacial pace of corporate decision-making. McKinsey, the consultancy, surveyed executives who complained of “over-reliance on consensus and death by committee”, among other irritations....It is not always the chief executive’s fault. Some managers are comfortable with making simple decisions but struggle when they are promoted to a level where they are exposed to ambiguity and uncertainty. They need to employ their judgment, rather than consulting the data like an oracle. Their indecision can also infect the CEO. But your business is not a democracy....Some executives promote a “five second rule” to prompt executives who report to them to reach decisions (i.e. summarise the alternatives and options for any strategy, pause and pick one).....Being forced to use intuition after considering the evidence helps to avoid being paralysed by a question when there is no easy answer......Daniel Kahneman, the Nobel Prize-winning psychologist, observed that “managers think of themselves as captains of a ship on a stormy sea” who respond skilfully to the elements around them. It feels better to pick a destination and sail in that direction than to wallow around.....But Prof Kahneman won his economics Nobel for research on the cognitive biases that affect human choices. Making quick decisions, even informed by experience and expertise, is valuable but not foolproof. As he noted, “intuition feels just the same when it’s wrong and when it’s right, that’s the problem.”....Those who consider a challenge from all angles and act prudently and decisively may still be wrong. “Even highly experienced, superbly competent and well-intentioned managers are fallible,” Prof Kahneman wrote. Among the traps is the “halo effect” of believing that an executive who has succeeded before will make any project work. It follows that leaders should not be trapped by their decisions, or the confirmation bias of believing that the chosen path must be correct...... It is difficult when a leader place the entire company on another course, only to discover the pitfalls. It may take a successor to come along and reverse those choices. But decisions will at least prove right some of the time; indecision is always mistaken.
ambiguities  analysis_paralysis  CEOs  clock_speed  confirmation_bias  decision_making  Daniel_Kahneman  Dyson  halo_effects  hard_choices  HBR  humility  indecision  intuition  leaders  James_Dyson  judgment  mistakes  Ram_Charan  shot_clock  speed  tough-mindedness  uncertainty  unsentimental 
october 2019 by jerryking
Six rules for managing our era’s oversupply of non-stop news, high-decibel outrage
May 11, 2019 | The Globe and Mail | editorials.

Rule No. 1: You don’t need to have an opinion about everything. Shocking but true. ....It’s perfectly fair to say, “I don’t know enough to have an opinion on that," or, “I will leave that to others to debate,” or even, “Both sides have some good points.” You might not please everyone, but see Rule No. 2.

* Rule No. 2: You can’t please everyone. Get over it.

* Rule No. 3: Embrace ambivalence....often misinterpreted as indifference, or derided as indecision. In fact, the ability to entertain contradictory but animating ideas goes to the heart of what it means to be a mature and civilized human being. It’s also central to preserving political freedom. The most dangerous person in a democracy is the blind partisan who outsources her opinions to politicians or an ideology, and who sees those who don’t agree as enemies to be righteously chased from town by a torch-wielding mob. The biggest threat to such black-and-white partisanship is the person who keeps her mind open, is not blindly loyal to any one team and sees people with different opinions not as monsters to be slain but as human beings to be understood, especially when you disagree with them, and they disagree with you.

* Rule No. 4: When you take a stand, be forceful. While the process of reaching a conclusion should involve a lot of “on the one hand” and “on the other,” at some point you have to make a choice.

In a criminal trial, the decision to convict an accused person can only be taken if the evidence is persuasive beyond a reasonable doubt – in other words, if the evidence is irrefutable and the conclusion is certain. But in politics, business and life, most decisions must be taken under conditions that cannot meet that exacting standard. Reasonable doubts are reasonable. Only the extreme partisan is without them.

* Rule No. 5: Set your bottom line. How far are you willing to let another person go before you feel obliged to offer a counter-opinion? Not every take you hear deserves the energy required to argue against it. Sometimes, you have to just let people say things you don’t agree with. You might learn something.

And remember, just as there is no obligation to have an opinion on every subject, there is also no rule that says you must express your opinion every time the chance presents itself. But when someone or something does cross a line, sometimes you can’t hold back. It may be as lofty as a matter of justice, or a simple as a question of common sense, but there comes a moment when your opinion will matter.

* Rule No. 6: Opinions are not the same thing as empathy. Empathy is what makes it possible for people who disagree to live together in peace and harmony – to agreeably disagree. And in a multicultural, multireligious, multiracial, multiparty democracy, people are going to disagree about all sorts of things, all the time.

The world has enough opinions. What it really needs is more empathy. Without it, life isn’t possible.
21st._century  agreeably_disagree  ambivalence  commoditization_of_information  disagreements  disinformation  dual-consciousness  empathy  hard_choices  incivility  incompatibilities  indecision  information_overload  news  opinions  open_mind  outrage  partial_truths  partisanship  partisan_loyalty  political_spin  propaganda  rules_of_the_game 
may 2019 by jerryking
Ford CEO: Decision-Making ‘Shot Clock’ Needed to Accelerate Plans - WSJ
By Christina Rogers
Updated June 30, 2017

Ford Motor Co.’s new Chief Executive Jim Hackett is enforcing a “shot clock” on lingering decisions at the auto maker to put plans into action faster and regain competitive footing in vital segments of the car business.

Mr. Hackett, speaking to analysts this week, rolled out the shot-clock idea—which is borrowed from a rule employed in basketball to quicken the pace of the game—as part of his agenda for the first 100 days in a job he took over in May. He spoke Thursday with Wall Street analysts, the first such meeting for Ford’s new chief as he confronts an underperforming stock price.

The company has been widely criticized for appearing indecisive on important technology bets, including self-driving cars or electric vehicles.

In addition to setting firmer deadlines on decisions, Mr. Hackett said he plans to focus on costs, according to analysts’ reports recounting the event. He wants to move faster to target weaknesses in the business, such as slumping U.S. sedan sales.......Ford is now investing in autonomous-vehicle research, including taking financial stakes in startups, and is spending more than $4 billion to improve its electric-car lineup.
operational_tempo  decision_making  Jim_Hackett  Ford  automotive_industry  electric_cars  autonomous_vehicles  accelerated_lifecycles  clock_speed  indecision  shot_clock 
june 2017 by jerryking
Canadian beef exports in rapid decline - The Globe and Mail
Sept. 10 2012 | Globe & Mail | BARRIE McKENNA.

Canada’s $6-billion beef industry is in a state of chronic decline that could soon see the country become a net importer for the first time in at least a generation, a new report says.

Canada is increasingly shipping live cattle and low-value meat cuts to its main foreign customer – the United States – while importing higher value beef, according to the report by the Canadian Agri-Food Policy Institute, an independent think tank set up by Ottawa in 2004....The size of the Canadian beef herd is also in decline, dropping by a million head, or 20 per cent, since 2005.

The report identifies several causes for the industry’s reversal of fortunes, including more aggressive competition from foreign suppliers; the high value of the Canadian dollar; a surge in corn-feed prices due to drought and ethanol production; stricter regulations; higher costs; U.S. country-of-origin labelling rules; and declining beef consumption.

What Canada needs is “a robust, long-term strategy and a sustained commitment to execute the strategy,” CAPI said. The strategy should include more collaboration between ranchers, producers and governments, clear leadership, better use of market information and promotion of industry “champions” in the supply chain.

“Continued indecision will rob us of very real opportunities,” the report said.
exporting  beef  think_tanks  agriculture  farming  supply_chains  indecision 
september 2012 by jerryking

Copy this bookmark:





to read