LSA Global Insights Newsletter: Decision Making
Showing posts with label Decision Making. Show all posts
Showing posts with label Decision Making. Show all posts

January 27, 2024

A Blueprint for Better Decisions


Decision Making Process Research


Research of over one thousand major business decisions over five years by behavioral economists Dan Lovallo and Olivier Sibony looked at how decisions were made (An Effective Decision Making Process) and the results (Desirable Decision Making Outcomes).


The decisions were not trivial; they focused on high stakes decisions such as new product launches, company restructurings, and market expansions.


They found that while a thorough current state analysis is important, the decision making process itself was six times more important to successful decision making outcomes. 


Why such an impact? 


Because, similar to thoughtfully designed project post mortems, they found that an unbiased and effective decision making process (if transparently followed) highlights and mitigates the most common team decision making mistakes.


If you would like your teams to make better decisions, this article is for you.


Read the 4 Steps to a More Effective Decision Making Process

VOICE OF THE CUSTOMER


Tracey Bertolina

CFO

CoachSource 

"You are a phenomenal facilitator.


What we worked through was so valuable for our team.


I loved the concepts and appreciate how you navigated sensitive subjects and still allowed us to evaluate and appreciate new perspectives in an open way.


Thank you!"

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September 24, 2022

How to Make Better Decisions During Uncertainty


Decision Making at Work Needs to Improve
A recent McKinsey survey found that only 20% of executives felt that their organizations excel at making both timely and high quality decisions.


Though leaders spend most of their day making decisions, the majority reported that their decision making time was spent ineffectively.  


Sound familiar?


Improve Decision Making During Uncertainty — A Skill that Matters

Simply defined, decision making is the act of selecting between two or more courses of action.


We know that making sound decisions at work involves the process of identifying a decision, pulling together relevant information and stakeholders, and evaluating various options.


But What If…

Some decisions are uncomplicated and easy to arrive at. But what if you can’t gather all the relevant information, or if the desired result is not clear, or if stakeholders have conflicting agendas?


How do you decide between two competing but worthy alternatives like cutting costs versus spending more time with customers?


This is where leaders and teams struggle.

Read How to Improve Decision Making During Uncertainty

VOICE OF THE CUSTOMER


Amy Sing

Head of Strategy Process & Governance


MilliporeSigma, a business of Merck 

I really like the toolkit, interactive breakouts, and the application!


Exactly what we’ve envisioned to improve decision making.


It’s something practical our team can apply in everyday work.


The decision making framing of the rationale and the urgency helps a lot.


Thank you!"

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September 25, 2021

How to Empower Employees to Make Better Decisions


Who Should Decide?
Do your leaders and managers feel overwhelmed by all the decisions they must make day-by-day? The chances are that they have plenty of company.

It is estimated that decision making can take up to 70% of a manager’s time. Leaders and managers need to gain better decision making capabilities.

Understandably, many leaders and managers would like to offload some decisions but, if they don't do it right, results and relationships may suffer.

Delegating decisions can backfire unless you have properly prepared people to take on and make important decisions in a way that makes sense.

How to Empower Employees to Make Better Decisions?
First, according to management training experts, leaders and managers need to determine which decisions can be delegated and to whom.

Typically, easily delegated decisions are rather simple, everyday decisions that can be entrusted to the person or team most familiar with the situation or problem.

But even seemingly innocuous decisions can have far-reaching consequences.

For example, a client team member under pressure recently chose a cheaper small part for their product in order to meet budget targets. But it ended up compromising overall performance to the point that more money and time had to be spent to fix the unintended consequences.
VOICE OF THE CUSTOMER

Blake Krikorian
CEO
Sling Media
"An extremely effective executive strategic decision making training session that helped our executive team navigate through our core objectives.

It was exactly what we needed. 

The approach was practical and valuable for our specific business and market. I would recommend LSA to anyone looking to push their decision making to the next level."
Toolkits for Leaders & Managers
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Proven tools for managers to be set up for success
About LSA Global

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