How do you make decisions when all the usual guideposts have gone? If there is no ‘right decision’, then what is the right decision? How do advantage leaders make good decisions under extreme uncertainty?
Reimagine
Despite their apparent slowness, the World Health Organization became the ‘lead domino’ when, on March 11th, 2020, the outbreak of COVID-19 was declared a global pandemic. That changed the psychology and decision making of governments worldwide, ushering in extreme measures. Italy was the epicentre, with thousands of reported illnesses and deaths. Australia closed its borders to all non-residents and non-citizens on the 20th. By the 23rd the Dow Jones Industrial Average closed down almost 40 per cent on the previous month. A day later India went into national lockdown with only four hours' notice. Millions of people were stranded without access to food, shelter or transportation. Decisions were being made in the extreme uncertainty and ambiguity of a ‘black swan event’ (a term popularised by Nassim Nicholas Taleb in his book of the same name to describe rare and seemingly unpredictable events that have severe and potentially catastrophic consequences).
Within a few weeks of the onset of Melbourne's COVID-19 lockdowns it became clear that RMIT University, like all Australian universities, was ...
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