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Guide to Decision-Making: Getting it more right than wrong by Helga Drummond

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Introduction

I meditate upon mankind’s advancementFrom flint sparks into million-volted glareThat shows us everything but the future –And leaves us not much wiser than we were.

Siegfried Sassoon

WE MAKE OUR DECISIONS. Our decisions make us and our organisations.

In theory, decision-making is simple. A problem emerges. The goal is defined and the possible options for achieving it and solving the problem identified. These options are then analysed and the one that seems most effective is selected. Powerful mathematical tools are available to facilitate the task. Yet if it is so simple, why do businesses keep getting it wrong?

There is no shortage of examples of poor decision-making. Lehman Brothers might have survived if it had raised more capital ...

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