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Monday, May 20, 2019

Better, Faster Decisions: Faster is a Context

Its all about decisions.   Not only our own but also those we make based on help from systems.   And, increasingly autonomous decisions.   And faster may not be better without understanding risk in various contexts.  And speed to applying an assisted decision is a context.

Three keys to faster, better decisions in McKinsey.   By Aaron De Smet, Gregor Jost, and Leigh Weiss

Decision makers fed up with slow or subpar results take heart. Three practices can help improve decision making and convince skeptical business leaders that there is life after death by committee.

Two years ago, we wrote about how it was simultaneously the best and worst of times for decision makers in senior management. Best because of more data, better analytics, and clearer understanding of how to mitigate the cognitive biases that often undermine corporate decision processes. Worst because organizational dynamics and digital decision-making dysfunctions were causing growing levels of frustration among senior leaders we knew.

Since then, we’ve conducted research to more clearly understand this balance, and the results have been disquieting. A survey we conducted recently with more than 1,200 managers across a range of global companies gave strong signs of growing levels of frustration with broken decision-making processes, with the slow pace of decision-making deliberations, and with the uneven quality of decision-making outcomes. Fewer than half of the survey respondents say that decisions are timely, and 61 percent say that at least half the time spent making them is ineffective. The opportunity costs of this are staggering: about 530,000 days of managers’ time potentially squandered each year for a typical Fortune 500 company, equivalent to some $250 million in wages annually. ... "

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