The Truth About Better Decision-Making (Collection), 2/e

Truth 29. Get 80 percent (or less) of what you need, and then act on it

You will never have all the information you need to make a decision. But if you wait for perfect information, the world will likely have changed. This is certainly true in heat-of-the-moment battlefield decisions. But even in more deliberate decisions, the gathering of data can become an excuse for not taking the risk of acting.

At a lecture I once attended, Time magazine White House correspondent Hugh Sidey compared the leadership styles of Presidents Jimmy Carter and Ronald Reagan. Carter, a nuclear engineer, was analytical. He gathered all the facts and carefully looked at every angle before making a decision. It often slowed his response. And he still ended up with a ...