Myth: well-informed decisions

Many decisions are delayed for the want of more information. Everybody wants to take well-informed decisions, since a well-informed decision is likely to be accurate. The reality is that most decisions get taken in absence of all the information or because someone has the confidence in making that decision (or perhaps the ability to deal with the consequences if things don't turn out well).

The problem lies in the fact that there is too much information that needs to be analyzed. Even if you can spend the time to do all the analysis, the decision may still not turn out well, since some parameters may change.

Managers need to make a call sooner or later and get just enough confidence to go ahead.

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