Making Quality Decisions
Recently, I moderated a webinar presented by the Society of Decision Professionals. The presenter, Carl Spetzler of SDG, titled his presentation, “Decision Quality for Everyday Significant Decisions–when Decision Professionals will not be Present.” The audience for this webinars was made up primarily (65%) of practicing decision professionals.
- Major account targeting and planning
- Responses to unexpected events
- Responses to an unhappy customer
- Capital investment decisions below a certain threshold
- Phase-gate decisions in project management
Factors that impair decision-making
However, it’s human nature to miss factors that impair our decision-making abilities:
- We confuse agreement with decision quality
- We are prone to basic cognitive biases and social decision traps
- We become frustrated with decision processes: “Can’t we just get there faster with fewer meetings?”
- We greatly undervalue opportunity losses
- We exhibit risk aversion even on small risk exposures
- We get attached to our positions and become advocates
Improving Decision Quality
There are two ways to bring more rigorous Decision Quality to ESDs. First, decision makers can learn the particular skills and techniques of Decision Quality, so that they can consciously make better decisions. This is a process of education and training, and it requires people to incorporate responsibility for and practice of DQ into their daily working lives.
You can see Carl’s entire talk here.