Good analysis is a necessary precursor to every decision by executives. However, endless analysis can lead to decision by indecision.
Lesson 15:
Part I: "Use the formula P=40 to 70, in which P stands for the probability of success and the numbers indicate the percentage of information acquired."
Part II: "Once the information is in the 40 to 70 range, go with your gut."
Battling the need to get more data before acting can slow down or stop decision making. Colin Powell, in one of his leadership lessons, says, "Don't take action if you have only enough information to give you less than a 40 percent chance of being right, but don't wait until you have enough facts to be 100 percent sure, because by then it is almost always too late. Today, excessive delays in the name of information-gathering breeds, 'analysis paralysis.' Procrastination in the name of reducing risk actually increases risk."
For the other 17 lessons, go to: How does leadership differ from management?