We all know that decision making is hard. For leaders of large organizations, decision making is as much about making hard choices as facilitating good decisions within their organizations. A common lament of top managers is that decisions take too long and that employees are too risk-averse. Today, technology and global marketplaces introduce two additional and very different challenges: an abundance of data that makes some decisions straightforward as well as novel business situations in which plentiful data are of limited use.
In this session, Professor George Wu of University of Chicago Booth School of Business outlines some elements of smart organizational decision making.
You will learn:
- Why there is not a tradeoff between better and faster. Smarter decision making means better and faster.
- That accepting that uncertainty is a reality of every important decision enables firms to be more agile in acting and less paralyzed by risk.
- How leaders in organizations can support all members of their organization in contributing to better decisions.