From the course: Decision-Making Strategies
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Reducing decision-making risk
From the course: Decision-Making Strategies
Reducing decision-making risk
- You face risk in all decision-making. And a goal of yours should be to reduce that risk as much as is reasonable. There are three primary methods for reducing risk. First, involve more people in the decision-making process. They're going to give you additional information and offer perspectives you may not have thought of. Additionally, by involving them early, you're reducing execution risk on the back end. You're getting people to buy into the decision now so when it comes time to execute, they're onboard. The second way to reduce risk is take more time. Today, the future may be completely uncertain. A month from now, maybe you've resolved some of those sources of ambiguity. A year from now, you have even better information as to the environment you're going to make your decision in. The third way to reduce decision-making risk is break big decisions into smaller decisions. If you're trying to decide whether to relaunch…
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