From the course: Executive Decision-Making
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Using the right tools
From the course: Executive Decision-Making
Using the right tools
- When you go to make an executive decision, 2 make sure you use the right tools. 3 Given the size of the decisions 4 you're talking about making, 5 you can involve your statisticians. 6 You can involve analysts to help build predictive models 7 of what those future scenarios could be. 8 Use forecasting models, statistical analysis, 9 game theory models, and strategic frameworks 10 to evaluate possible future states 11 before you make your decision. 12 Failure to build these robust models 13 that consider all the alternate future states 14 is reckless and irresponsible. 15 Just saying, "I know the way this'll play out," 16 and then making a decision 17 based on that one possible outcome 18 can lead you to miss all these other things 19 that could happen in the market 20 that would make it a bad decision. 21 One example from my experience of using the right tools 22 was a European merger situation. 23 We had a client…
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