breakout c. courageous decision making: have vision and strategy for effective decision making...
TRANSCRIPT
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Breakout C. Courageous Decision Making: Have Vision and Strategy for
Effective Decision Making
Facilitators:William A. Zoghbi, MD, FACC, President
Thomas E. Arend, Jr. Esq., CAE, CSO
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“Decision is a sharp knife that cuts clean and straight;
indecision, a dull one that hacks and tears and leaves
ragged edges behind it.”
- Gordon Graham
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Decision-Making Must Haves:
Vision and Strategy
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Six Steps to Sound Decision Making• Perform a Situation Analysis:
– What is motivating the need for a decision? – What would happen if no decision is made? – Who will the decision impact (both directly and indirectly)? – What data, analytics, research, or supporting information do you have to
validate the inclinations driving your decision?
• Subject your Decision to Public Scrutiny: – There are no private decisions. Sooner or later the details surrounding any
decision will likely come out. – If your decision were printed on the front page of the newspaper how would
you feel?– What would your family think of your decision? – How would your shareholders and employees feel about your decision? – Have you sought counsel and/or feedback before making your decision?
Source: Myatt, Forbes, March 2012
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• Conduct a Cost/Benefit Analysis: – Do the potential benefits derived from the decision justify the expected costs? – What if the costs exceed projections, and the benefits fall short of projections?
• Assess the Risk/Reward Ratio: – What are all the possible rewards, and when contrasted with all the potential risks
are the odds in your favor, or are they stacked against you?
• Assess Whether it is the Right Thing To Do: – Standing behind decisions that everyone supports doesn’t particularly require a lot of
chutzpah. – On the other hand, standing behind what one believes is the right decision in the face
of tremendous controversy is the stuff great leaders are made of. – There are many areas where compromise yields significant benefits, but your value
system, your character, or your integrity should never be compromised.
Source: Myatt, Forbes, March 2012
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• Make The Decision: – Perhaps most importantly, you must have a bias toward action, and be willing to
make the decision. – Moreover, you must learn to make the best decision possible even if you possess an
incomplete data set. – Don’t fall prey to analysis paralysis, but rather make the best decision possible with
the information at hand using some of the methods mentioned above.
• Bonus - Always have a back-up plan: – The real test of a leader is what happens in the moments following the realization
they’ve made the wrong decision. – Great leaders understand all plans are made up of both constants and variables,
and that sometimes the variables work against you. – Smart leaders always have a contingency plan knowing circumstances can
sometimes fall beyond the boundaries of reason or control – no “Plan B” equals a flawed plan.
Source: Myatt, Forbes, March 2012
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Decision Making Styles
Decision-making styles capture how a leader decides as opposed to what a leader decides.
DelegativeStyle
FacilitativeStyle
ConsultativeStyle
AutocraticStyle
High FollowerControl
High LeaderControl
Source: McGraw Hill Higher Education Slides
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It’s a Leader’s Role to Wear TWO Hats in Decision Making
• Metaphor from longtime CEO of Corning, Jamie Houghton:
–Cowboy Hat when wanting to debate as an equal–Bowler Hat when being decisive
as CEO (signaling end to debate)
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Uncertainty can cause paralysis
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This uncertainty paradox often leads to hesitation….
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…. or sometimes it even leads to over analysis
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….. or indifference
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Dealing with Uncertainty• Low hanging fruit• Lower risks with higher payoffs• Dealing carefully with high risks• Avoiding fear, motivation, and gridlock• Understanding potential for big gains • Focusing on core priorities with better
environmental scanning
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Once you make a decision, the universe conspires to make it
happen.
- Ralph Waldo Emerson
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