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Eight steps to making better decisions as a manager - The Globe and Mail
HARVEY SCHACHTER
Special to The Globe and Mail
Published Sunday, May 08, 2016

Write down the key facts that need to be considered. Too often we jump into decisions and ignore the obvious.

Write down five pre-existing goals or priorities that will be affected by the decision.

Write down realistic alternatives – at least three, but ideally four or more.

Write down what’s missing. Information used to be scarce. Now it’s so abundant it can distract us from checking what’s missing (jk: i.e. the commoditization of information)

Write down the impact your decision will have one year in the future. By thinking a year out, you are separating yourself from the immediate moment, lessening emotions. [Reminiscent of Suzy Welch’s 10-10-10 rule. When you’re about to make a decision, ask yourself how you will feel about it 10 minutes from now? 10 months from now? and 10 years from now? People are overly biased by the immediate pain of some choice, but they can put the short-term pain in long-term perspective by asking these questions].

Involve at least two more people in the decision but no more than six additional team members. This ensures less bias, more perspectives, and since more people contributed to the decision, increased buy-in when implementing it.

Write down what was decided, as well as why and how much the team supports the decision.

Schedule a follow-up in one to two months.
Harvey_Schachter  decision_making  goals  buy-in  options  unknowns  following_up  note_taking  dissension  perspectives  biases  information_gaps  long-term  dispassion  alternatives  think_threes  unsentimental  Suzy_Welch  commoditization_of_information  process-orientation 
may 2016 by jerryking
Taking Risk To the Marketplace
March 6, 2000 | Fortune Magazine | By Thomas A. Stewart.

* "You should always value the ability to move and change, because that creates options, and options are valuable,"
* Traditional risk management, with its emphasis on real property and financial events, isn't enough for knowledge companies, whose big risks are intellectual assets, such as brand equity, human capital, innovation, and their network of relationships.
* you have to know what's at risk-- which isn't always easy for intangible assets.
* Each intangible asset has a different risk profile.
*Thinking like a portfolio manager works for risk management as well as for strategy, says Bruce Pasternak, head of the strategic leadership practice at Booz Allen & Hamilton. In either case, adaptability is a cardinal virtue; the top goal is organizational flexibility. All-or-nothing bets like insurance have limited use in protecting cash flows from intangibles because their value is so uncertain, says Anjana Bhattacharee, director of Aporia, a British startup developing tools to manage those risks. Hedging also has problems. Says Bjarni Armannsson, head of the Icelandic Investment Bank in Reykjavik: "It's difficult to find a counterparty for intellectual risks." To hedge against falling gas prices, Enron can sell the risk to someone who fears rising prices, like a utility, but how do you hedge against a loss of expertise or brand equity

* Markets are full of risk, but it turns out that they're a lot safer than rigid structures. Intellectual assets and operations obey no one's command and are subject to discontinuous--i.e., quantum--change. There are four ways to respond to risk: Avoid it, reduce it, transfer it, or accept it. The one thing you can't do, if it's intellectual risk, is tie it up and subdue it.
Thomas_Stewart  risks  risk-management  organizational_flexibility  adaptability  binary_decisionmaking  intellectual_risks  human_capital  insurance  intellectual_assets  brand_equity  intangibles  networks  interconnections  discontinuities  expertise  portfolios  options  portfolio_management  cash_flows  generating_strategic_options  optionality  brittle  antifragility  step_change  counterparties  network_risk 
december 2012 by jerryking
Physicist Makes 'Big Bang' at Citi - WSJ.com
OCTOBER 6, 2009 | WSJ | By DENNIS NISHI.

Hamid Biglari went from physics to finance. Now, he's helping lead efforts to revive Citigroup Inc...."I've always believed the best time to reinvent yourself is when you're on a high note as opposed to when in decline," he says. "Your options are larger that way."
...After a fourth-quarter 2008 loss of $8.3 billion, Citigroup moved to split into two different entities: Citicorp would handle the retail banking and investment operations while Citi Holdings would have the riskier "noncore" assets. Mr. Pandit named Dr. Biglari vice chairman in charge of strategy and resource allocation for Citicorp. Dr. Biglari had already spent the past year restructuring the securities and banking side of the business. He says he is now working with Mr. Pandit to reframe the company.The pressure has been intense, but Dr. Biglari feels he is in the job that he has been working for since leaving physics.
Citigroup  Second_Acts  Iranians  Robert_Rubin  physicists  finance  McKinsey  Managing_Your_Career  reinvention  options  reframing  resource_allocation  generating_strategic_options 
october 2011 by jerryking
FT.com / Companies / Financial Services - Louis Dreyfus considers options for reinvention
September 23 2010|FT| By Javier Blas. When Léopold
Louis-Dreyfus, the 18-yr-old son of a farmer from Alsace, started in
1851 buying wheat from local farmers and selling it in a market town, he
could not have dreamed how his grain trading business would grow over
the next 150 years (remaining family-owned and expanding into a
conglomerate including cereals, ships and weapons).Today, Louis Dreyfus
Commodities, still controlled by descendants of Léopold, is one of the
world’s largest agricultural commodities trading houses, rivalling
competitors such as Illinois-based Archer Daniels Midland, New
York-based Bunge and Minneapolis-based Cargill. The four, known because
of their initials as the industry’s “ABCD”, dominate global flows of
agricultural raw materials. The French family-owned group is considering
a radical change of ownership, exploring options, including an initial
public offering or the sale of a stake to long-term investors.
family-owned_businesses  agriculture  commodities  conglomerates  food_crops  Cargill  Louis_Dreyfus  ADM  grains  traders  options  reinvention 
september 2010 by jerryking
Gary Hamel Sees “More Options… Fewer Grand Visions”
October 6, 2009 | World Business Forum — Presented by Shell.
"...A second critical principle is variety. As the world becomes more
uncertain, it’s harder to see farther ahead. You can’t make 10- or
20-year strategies. What becomes more important is trying lots of new
things — experimenting in low-cost ways continuously — and seeing what
works and what doesn’t. So more options, more experimentation, fewer
grand visions, fewer strategies would be the second principle."
experimentation  Gary_Hamel  low-cost  optionality  options  variations  variety  uncertainty 
may 2010 by jerryking
Seth's Blog: How to lose an argument online
Posted by Seth Godin on November 23, 2009. Instead of arguing,
Seth advocates the following: "Earn a reputation. Have a conversation.
Ask questions. Describe possible outcomes of a point of view. Make
connections. Give the other person the benefit of the doubt. Align
objectives then describe a better outcome. Show up. Smile."
Seth_Godin  debates  howto  grace  reputation  conversations  questions  options  Communicating_&_Connecting  following_up  disagreements  argumentation  personal_branding 
december 2009 by jerryking
Big Fish, Smaller Ponds - WSJ.com
August 20, 2007 WSJ article on how entrepreneurs can lure executives away from large companies.
hiring  talent  recruiting  options  size  small_business  large_companies 
february 2009 by jerryking

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