Some decisions in haste can be reversed, altered or has little impact. These haste decisions are necessary if there is a fire in a factory. Decisions made for the sake of speed is a little different from decisions that require swiftness. Understanding the difference is critical.
There are two kinds of decisions – revocable and irrevocable.
Revocable decisions are changeable decisions that can be made relatively fast and if it is wrong or needs to be altered, can be changed again relatively fast wit comparatively minimal impact. Examples would be – Office layouts, Advertising schedules, Not making a decision, Pricing, Phone service provider, Choosing an insurance company, even hiring a contract staff or a tier 2 reseller.
Irrevocable decisions such as brand name, acquisitions, executive hires, buildings, IT architecture are usually not easily irrevocable. Exercise caution while taking irrevocable decisions. Even if you need to take these decisions under time pressure, then you need to read fast, assimilate information fast, analyse fast, think fast and then decide. The decision may seem fast – but as a manager – you know you have done your due diligence.
Sounds easy! The essence of understanding the difference is the situations under which you operate in a particular mode that will make you successful.
Tim to decide! Merry Christmas!
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Aspire to be a CEO: Learn differentiated decision making.
One of those big myths about business decision making is about the inherent admiration of a aggressive, super-sure, quick decision maker. This strategy may be great in certain situations – not so good in others.