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Decision making - Coggle Diagram
Decision making
The decision style model
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Maximisers are those who prefer to know almost 100% of the information possible before making a decision and taking action - they are often perfectionists
Satisficers are happy reaching conclusions with fewer facts, they will make a decision when they have reached a certain threshold of information
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The WRAP framework
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Prepare to be wrong
Avoid being overconfident about the way our decisions will unfold and instead take the opporutnity to plan for both good and bad potential scenarios
Board team decision making, key factors and tools to contribute to better process
Board structure
Board size
The optimum size for a board is within a rnage of 8-12 people and when this is exceeded, the number of psychological phenomena can comrpise boardroom competence
The span of attention, the ability to maintain effective interpersonal relationships and the reduction of director level motivation
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Board diversity
It is important that diverse information is shared in a boardroom context, boards should spend their time discussing and weighing up information that is initially unknown to the group is diversity is to be maximised
Research found that groups tend to spend most of their time discussing information shared by members which is redundant rather than discussing information only known to one or a minority of members
A diversity of thinking style is important - it may be useful to use some kind of methodology to overcome this such as De Bono's Six Thinking Hats
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Board leadership culture
Better quality decision making processes arise from teams who are able to harness diverse and potentially conflicting evidence based perspectives, the basis for this often lies in a team that shares high trust
One of the key components in trusting relationships is the lack of ego in those leaders that are working together
It may be useful to turn up the team pressure at some point within meetings, especially when the team has simple tasks that need to be accomplished quickly
Complex decision making
Badaracco suggests five key questions that are visualised as a funnel which includes great options at the top of the funnel with the initial questions but narrows over time as you reach the final questions in the checklist. The questions to manage complex, grey areas are:
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